News on Medial

40 fintechs get notices over payments to foreign parents: Report

Inshorts · 5m

The Income Tax Department has sent notices to around 40 fintech firms engaged in instant short-term loans over high payments to their foreign parent company, NDTV Profit reported. The notices seek an explanation as to why such payments should not be treated as "business profit". The money was reportedly remitted to foreign entities as fees paid for technical services.