A merry kick-start for start-ups! After lowering angel tax burdens, CBDT constitutes a special cell to resolve start-up problems

Mumbai, August 31: Concerning pretty mch about the start-ups in India, the CBDT, after withdrawing angel tax provision last week for DPIIT registered startups, has constituted a special cell to resolve their problems.

 

 

"A dedicated cell would be set up under a Member of CBDT for addressing the specific problems of startups. The startup cell, including ex-officio members, will be responsible for addressing grievances and tax-related issues of startups", said CBDT in a notification.

 

Rising in the development that is the latest amongst the recent initiatives taken by CBDT to address the compliance issues of startups, Finance Minister Sitharaman last week had made the same announcements. She added that sections 56 2 (b) of the Income-tax Act shall not apply to a startup registered with DPIIT.

 

 

Having witnessed unusually a long delay and been harassed over angel tax, startups have over the years continuously complained about IT officials harassments. The said move of proactive action and constitution of a special cell is therefore slated to encourage and thrive the start-ups to boost its economy.