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.....

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