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

The income-tax (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. Tax 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 However, tax experts say that companies need to be pro-active and approach the right authorities to avoid such situations as s.....

Key stories on are available to premium subscribers only.

Already a premium subscriber?

Subscribe to get an across device (Website, Mobile Web, Iphone, Ipad, and Android Phone applications) access to Premium content, Breaking News alerts, Industry Newsletters, Stock and Corporate news alerts, access to Archives and a lot more.