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Mar 22, 2019
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CBDT gives 90 startups immunity from Angel Tax
In what will give relief to 90 startups from taxman’s questioning their valuation during fund raising rounds and slapping angel tax, the Central Board of Direct Taxes (CBDT) has given them a written assurance and registered them for Startup India Action Plan, according to two people with direct knowledge of the matter. Under the Startup India Action Plan, a Department of Industrial Policy and Promotion (DIPP) initiative, the startups were asked to submit all details related to capital raising and promoters, and if accepted, they get an immunity from future tax demands under section 56(2)viib of the Income Tax Act.
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