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Income tax on the locations of Fintech company with expensive personal loan through App at Delhi – Gurugram

Income Tax Raid: The Income Tax Department has raided the locations of a fintech company in Delhi and Gurugram. This company works to provide personal loan for short duration through mobile app.

Fintech company has to give expensive personal loan

According to the CBDT, the Income Tax Department has raided the business and residential premises of this fintech company on 9 November. During the raids, it was found that while giving personal loans, this company charges very high processing fees of its customers. Due to which there is a huge burden of liability on the borrowers.

Relationship with Cayman Island

This fintech company belongs to the group based in Cayman Island, which is a resident of the neighboring country. This company has come to India through FDI with small capital. But it has taken a lot of loan from Indian banks in the name of working capital. The rotation of capital is the business model of this company and the turnover of the company has reached Rs 10,000 crore in the first year of operation. In the investigation, it was found that in the name of providing services, this company has sent Rs 500 crore to its foreign group company in two years. Whereas evidence has been found that this amount has been shown to be inflated.

App control from foreign soil

In the investigation, the tax department also found that the internal web-based application for giving loans to this fintech company is being controlled from outside India. The Income Tax Department has also recorded the statements of some foreigners during its search operation. The investigation of the tax department is going on in this matter.

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