Paisabazaar receives Income tax notice over vendor payment

The earnings tax division has despatched a discover to Paisabazaar, a subsidiary of PB Fintech over the cost made to among the distributors and associated events.

The discover was despatched on Tuesday beneath the Prohibition of Benami Property Transactions Act, 1988 Tuesday and officers stated that the investigation depicts discrepancy in cost.

The opposite discover is beneath part 142(1) of the Earnings Tax Act, 1961.

That is a part of the earnings tax division’s wider investigation towards insurance coverage corporations and insurance coverage intermediaries.

The division has pegged tax evasion beneath the tune of Rs 30,000 crore and have already despatched notices to a number of corporations beneath the Benami Transactions (Prohibition) Modification Act, 2016, ET has learnt.

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The corporate has confirmed to receiving discover and an in depth response will comply with.

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