Tag: Angel Tax
CBDT notifies class of persons investment by whom not covered under Angel Tax u/s 56(2)(viib) MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No.30/2023 New Delhi, the 24th May, 2023 S.O. 2275(E).—In exercise of the powers conferred by clause (ii) of the first proviso to clause …
CBDT proposes changes to Rule 11UA in respect of ANGEL TAX- Also proposes to notify Excluded Entities In the Finance Act, 2023, an amendment has been introduced to bring the consideration received from non-residents for issue of shares within the ambit of section 56(2)(viib) of the Income-tax Act, …
Additions agreed during assessment proceedings can be challenged in appeal when assessee itself not made disallowance in return of income ABCAUS Case Law Citation:ABCAUS 3213 (2020) (01) ITAT Important case law relied upon by the parties:CIT vs. Everest Kento Cylinders Ltd (2015)(58 taxmann.com 254)(378 ITR 57), In the …
CBDT Consolidated circular for income tax assessment of Startups-Procedure, time limit, additions u/s 56(2)(viib), demand etc. Circular No. 22/2019 Central Board of Direct TaxesMinistry of Finance North Block, New Delhi, dated the 30th August 2019 Sub: Consolidated circular for assessment of Startups – reg. In order to provide …
Procedure for Scrutiny assessment of Startup Companies on application of section 56(2)(viib). Clarification by CBDT Circular No. 16/2019 Government of India Ministry of Finance Department of RevenueCentral Board of Direct Taxes North-Block, New Delhi, dated the 7th of August,2019 Subject:- Clarification with respect to assessment of Startup Companies …
CBDT has exempted 702 startups from angel tax u/s 56(2)(viib) of Income Tax Act. Startups receiving investments from Ventures Capital Fund are exempt from taxation as per provision of Section 56(2)(viib) of Income Tax Act 1961 (Act). Angel Fund is sub category of Ventures Capital Fund under Category-I …
Startup Certification u/s 80-IAC & exemption u/s 56(2)(viib) of Income Tax Act- Govt. amends Startup Rules MINISTRY OF COMMERCE AND INDUSTRY(Department for Promotion of Industry and Internal Trade) NOTIFICATION New Delhi, the 19th February, 2019 G.S.R. 127(E).— This notification is being issued in supersession of the Gazette Notification …
Recovery of Tax from Travel Khana not on account of angel tax-CBDT justifies action and clarifies that addition was made for unexplained cash credits Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 8th February, 2019 PRESS RELEASE Note on Recovery of Tax in the …
Press Information Bureau Government of India New Delhi, December 19th 2018 DIPP Clarification on IT Notice to Angel Investors / Start-ups 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 …
Startups exempted from issue of share price in excess of face value MINISTRY OF FINANCE (Department of Revenue) (Central Board of Direct Taxes) NOTIFICATION New Delhi, the 24th May, 2018 INCOME-TAX S.O. 2088(E).—In exercise of the powers conferred by the clause (ii) of the proviso to clause (viib) …