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Indian Startup Community Fumes After Tax Dept Forcibly Withdraws Angel Tax From Bank Accounts
Matters appearing to be coming to a head in the tussle between the IT department and India’s angel-funded startups. The IT department has begun deducting angel tax straight from startups’ bank accounts, several startups have reported. Noida-based startup TravelKhana, which had been slapped with a Rs. 2.3 crore tax notice in December, has had its bank accounts frozen, and the existing balance of Rs. 33 lakh taken away by the tax authorities. BabyGoGo, another startup,...