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
----------- Similar Posts: -----------Order passed u/s 74 of UPGST Act quashed as opportunity of hearing not granted In a recent judgment and order…
ITAT set aside Penalty u/s 271B as Tax Audit Report was not filed due to strained relationship with CA In…
Unless request made, personal / oral hearing not mandatory and faceless assessment would be concluded without an oral hearing –…
Mere technical mistake made by assessee while filing up return cannot be a ground of disallowing the claim when such…
Denial of Capital gain deduction u/s 54B for agricultural land purchased in the name of wife Supreme Court stays High…
CIT(A) was justified in considering surrounding circumstances, the normal human conduct of a prudent investor, the probabilities to judge creditworthiness…