Govt to set up panel to look into tax issues faced by startups
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It added that "no coercive action or measures to recover the demands of completed assessment under income tax would be taken" against such firms.
This was decided at a high-level meeting of Department of Revenue Secretary Ajay Bhushan Pandey, Department of Industrial Policy and Promotion (DIPP) Secretary Ramesh Abhishek, and Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra.
"It has been decided that the issue of recognition of these startups including the issue of premium among others will be decided on the basis of recommendations of a committee of eminent experts drawn from institutions like IITs, IIMs which will soon be set up by the DIPP on grant of tax exemptions and other connected matters," the CBDT said in a statement.
The committee of experts, it said, will make recommendations on individual cases of recognised startups.
"In this regard, a notification by the DIPP will be issued shortly," it said.
The CBDT said it is "committed to promotion of Startups in India and it recognises that the Startups are going to bring lot of innovation to the country and therefore, have to be supported in every possible manner."
Several startups have raised concerns on the taxation of angel funds under Section 56 of the Income Tax Act, which provides for taxation of funds received by an entity. #casansaar (Source - PTI, Economic Times)
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