CBDT notifies creation of five-member special cell for startups
5 years, 4 months ago

CBDT notifies creation of five-member special cell for startups

Live Mint  

New Delhi: The CBDT notified on Friday creation of a five-member special cell to address grievances of startups with relation to angel tax and other tax-related issues. "The cell will work towards redressal of grievances and mitigate tax-related issues in case of startup entities with respect to administration of Income-tax Act, 1961," the order, accessed by PTI, said. A CBDT spokesperson said, "Startup entities can approach the cell for speedy resolution of their grievances. Finance Minister Nirmala Sitharaman had, during a press conference last week, announced creation of such a cell in the CBDT and had declared exempting startups from the so-called angel tax.

Tax Ita Cbdt Startup Cell  taxrelated  cbdt  order  grievances  secretary  notifies  member  startups  fivemember  tax  special  startup  cell  creation

History of this topic

Cheer for the startup sector as FM relaxes angel tax rules
5 years, 4 months ago

Cheer for the startup sector as FM relaxes angel tax rules

Live Mint  

“Section 56 of the Income Tax Act shall not apply to startups registered with the commerce ministry,” Sitharaman said. Removal of angel tax will go a long way in building trust and confidence in the startups and the investors, and shows government’s resolve towards ease of doing business in India and encourage entrepreneurship.” Srikanth Iyer, chief executive and founder, HomeLane.com, …

CBDT extends angel tax relief to startups facing tax demands
5 years, 4 months ago

CBDT extends angel tax relief to startups facing tax demands

Live Mint  

New Delhi: The government has exempted all registered startups that have received tax demand notices for selling shares at a premium from an anti-evasion provision in the Income Tax Act known as ‘angel tax.’ The move seeks to ensure that genuine entrepreneurs are not affected by the provision that allows the government to demand tax on share premium, treating it …

Relief for startups: CBDT lays out procedure for pending angel tax assessment cases
5 years, 5 months ago

Relief for startups: CBDT lays out procedure for pending angel tax assessment cases

Firstpost  

New Delhi: Giving a relief to startups, the government has laid out a procedure to address pending angel tax assessments under which action would be taken only after approval of a supervisory officer. Similarly, it said the applicability of angel tax would not be pursued during the assessment proceedings and “inquiry or verification with regard to other issues in such …

CBDT tells tax officers to accept tax break claims by registered startups
5 years, 5 months ago

CBDT tells tax officers to accept tax break claims by registered startups

Live Mint  

New Delhi: The Central Board of Direct Taxes has asked its field officers to accept without any verification, in certain cases, the claims of government-registered startups on eligibility for exemption from a rigorous anti-evasion provision. As per CBDT instructions to field officers, the claims of startups regarding exemption from taxation of the premium they receive on share sale will not …

Forget about taxman, focus on business: CBDT to startups
5 years, 6 months ago

Forget about taxman, focus on business: CBDT to startups

Live Mint  

New Delhi: The country's startup community should not worry about taxmen and concentrate on their businesses as concerns related to 'angel tax' have been "sorted out", CBDT chief P.C. All "legacy issues" related to startups will be resolved through a consultative process and under the strict supervision of senior officers of the tax authority. Asked about the "administrative arrangements" that …

CBDT notifies relaxed norms for start-ups
5 years, 10 months ago

CBDT notifies relaxed norms for start-ups

Live Mint  

New Delhi: The Income Tax Department has notified the modified norms for start-ups to enable them to seek 'angel tax' exemption for investments of up to ₹25 crore. The DPIIT, under the commerce and industry ministry, on 19 February raised the investment limit for 'angel tax' exemption to ₹25 crore and extended the period of availing benefits to 10 years …

I-T Department to soon decide on startups to be exempted from angel tax; multilayer checking system in place to find eligible firms
5 years, 11 months ago

I-T Department to soon decide on startups to be exempted from angel tax; multilayer checking system in place to find eligible firms

Firstpost  

Last month, the government eased the procedure for seeking income tax exemption by startups on investments from angel funds and prescribed a 45-day deadline for a decision on such applications. New Delhi: The Income Tax Department will soon decide on the kind of startups that can be exempted from angel tax, a top official said on Thursday. Central Board of …

Discover Related