CBDT

The CBDT has asked officers to accept claims from registered Startups

IT officials will require approval of superiors before investigation

Startups registered during an ongoing tax scrutiny could be spared further investigation

This is said to be a part of the Significant Economic Presence concept drafted by CBDT

Govt is considering consolidating all laws related to direct taxes in the country

G20 nations have also recently concluded to find a common way to tax tech giants

Board has approved 55 startups for exemption under Section 80-IAC of IT Act

DPIIT had received 944 applications for angel tax exemption

Overall, 149 startups have been approved for exemption by the government

Under IT benefits, 100% tax deduction available for startups for three consecutive years

More tax breaks could be extended to startups by new Modi government

Stringent implications have resulted in only 100 startups being able to avail the benefit

277 startups get an all clear certificate from income tax department

A few of the startups have discrepancies in the forms which DPIIT is looking to solve

DPIIT and CBDT amended the startup framework in February

Earlier, only companies with initial authorised capital up to INR 10 Lakh were exempted from the incorporation fee

The Ministry also made amendments regarding shifting of the registered office from one state to another

The changes have come into effect from March 18, 2019

Stakeholders say the acknowledgement email doesn’t suffice as evidence during CID appeals

Of the 128 startups, 92 have received an acknowledgement letter from the CBDT

Startup stakeholders have also demanded the CBDT to enlist the 128 startups in their system

CBDT said that Section 56(2)(viib) of the I-T Act shall not apply

No angel tax for startups complying with Feb DPPIT notification, says tax watchdog

However no solution for startups with angel tax cases already underway

LocalCircles will share the details of the startups who have received notices to CBDT

DPIIT granted relief to startups under Section 56 (2) (viib) earlier this week

Nearly 300 startups have received tax demand notices under I-T Act

The DPIIT Notification does not address the startups who have already received I-T orders

The notification does not address Section 68 of the Income Tax Act

The process of IMB certification for purposes of Section 80-IAC remains the same

CBDT and DPIIT are expected to release the notification on Monday or later next week

Startups to be given blanket exemption from section 56(2)(viib) providing they submit the self-certified declaration

Startups’ defined age is likely to be increased from the existing 7 years to 10 years

DPIIT has decided to form guidelines on the subject in the next five days

Several startup-related associations had met DPIIT on Monday

DPIIT may as well scrap Section 56(2) of the Income Tax Act, says a source