I-T Dept Sends Notices To Paisabazaar Over Vendor Payments

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PB Fintech-owned insurtech platform PaisabazaarPaisabazaar Datalabs_in-article-icon has received notices from the Income Tax Department pertaining to a few vendor payments and their associated entities.

The notices were issued by Deputy Director of Income Tax and Assistant Commissioner of Income Tax in Delhi. 

“One of the notices is issued under the Prohibition of Benami Property Transactions Act, 1988, while the other is under section 142(1) of the Income Tax Act, 1961,” according to the company’s regulatory filing.

The authorities have sought information and explanations regarding “the payments made to few vendors and their associated entities in connection with the transactions/ services provided by them to Paisabazaar,” the filing added.

PB Fintech clarified that the notice primarily requires Paisabazaar to provide documents and details related to these payments. Further, it said that it will take all the necessary steps to present its case to the authorities.

“Since it is a notice requiring certain information and documents, the company will be taking all necessary actions to present and defend its case before the relevant authority,” the filing said.

The company assured stakeholders that it is complying with the prescribed timelines for responding to the notices.

Notably, Paisabazaar came under the radar of income tax authorities for regulatory laxes and non-compliance with KYC requirements earlier this year.

While in June this year, PB Fintech’s chairperson and CEO Yashish Dahiya received a show cause notice from markets regulator Securities and Exchange Board of India (SEBI). 

The show cause notice (SCN) was regarding a $2 Mn investment made by PB Fintech FZ-LLC, Dubai in outsourced marketing services provider YKNP Marketing Management in November 2022 to acquire a 26.72% stake.

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We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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I-T Dept Sends Notices To Paisabazaar Over Vendor Payments

PB Fintech-owned insurtech platform PaisabazaarPaisabazaar Datalabs_in-article-icon has received notices from the Income Tax Department pertaining to a few vendor payments and their associated entities.

The notices were issued by Deputy Director of Income Tax and Assistant Commissioner of Income Tax in Delhi. 

“One of the notices is issued under the Prohibition of Benami Property Transactions Act, 1988, while the other is under section 142(1) of the Income Tax Act, 1961,” according to the company’s regulatory filing.

The authorities have sought information and explanations regarding “the payments made to few vendors and their associated entities in connection with the transactions/ services provided by them to Paisabazaar,” the filing added.

PB Fintech clarified that the notice primarily requires Paisabazaar to provide documents and details related to these payments. Further, it said that it will take all the necessary steps to present its case to the authorities.

“Since it is a notice requiring certain information and documents, the company will be taking all necessary actions to present and defend its case before the relevant authority,” the filing said.

The company assured stakeholders that it is complying with the prescribed timelines for responding to the notices.

Notably, Paisabazaar came under the radar of income tax authorities for regulatory laxes and non-compliance with KYC requirements earlier this year.

While in June this year, PB Fintech’s chairperson and CEO Yashish Dahiya received a show cause notice from markets regulator Securities and Exchange Board of India (SEBI). 

The show cause notice (SCN) was regarding a $2 Mn investment made by PB Fintech FZ-LLC, Dubai in outsourced marketing services provider YKNP Marketing Management in November 2022 to acquire a 26.72% stake.

Source Link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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