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Start-up tax woes: I-T dept can withdraw from bank accounts, say experts

It's not unusual for the tax departments to freeze bank accounts and there have been instances of the authorities recovering the outstanding from the bank

Topics
Taxpayers  |  Angel Tax  |  Start Ups

Tinesh Bhasin  |  Mumbai 



Tax, investment, property, savings, mutual fund, MF
Tax experts say besides angel tax, many start-ups are also receiving notices to comply with the TDS

The income- (I-T) department’s aggressive action against two start-ups — TravelKhana and Babygogo — due to ‘unexplained cash’ has taken the industry by surprise. The department took money out of their accounts — something that is quite rare. experts say that such measures are taken only when the company is on the verge of liquidation.

ALSO READ: Here is a quick guide on how you can save tax on gifts

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First Published: Mon, February 11 2019. 22:03 IST

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