Press Information Bureau
Government of India
New Delhi, December 19th 2018
The Department of Industrial Policy & Promotion(DIPP) has taken notice of the news reports regarding issue of notices by Income Tax authorities to Angel Investors/Start-ups.
DIPP in consultation with the Department of Revenue (DoR) has put in place a mechanism since April 2018 to grant exemption from the provisions of Section 56(2) (vii b) of the Income Tax Act to genuine investors in recognised start-ups.
DIPP has again taken up this matter of issue of IT notices with the DoR so that there is no harassment of Angel Investors or Start-ups. Government is committed to protecting bona fide investments into startups.
***
MM/SB
Assessee cannot be granted immunity from prosecution u/s 276B for late deposit of TDS merely because ultimately TDS was deposited…
Section 44C applies to exclusive expenditure on head office for the Indian branches incurred by non resident assessee’s. In a…
Compensation under motor vehicle Act to parents of child died attract a less multiplier than from that of a claim…
Extension of time limit for furnishing GSTR 3B under Delhi GST Act 2017 Department of Trade and Taxes(Policy and Research…
Acceptance of Audit Fee only through digital modes or banking channels from 01.04.2026 – ICAI revises Code of Ethics In…
High Court sets aside demand notices in respect of a period, for which the assessee had discharged tax liability under…