Recently, the Central Board of Direct Taxes (CBDT) has directed its officers to not carry out scrutiny of ‘angel tax’ provisions for start-ups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT).
What is Angle Tax for Start-ups?
Section 56(2)(viib) of Income-tax Act pertains to taxing unlisted companies, including start-ups, for receiving equity investment exceeding face value. It aims to curb generation of unaccounted money. |
What are the updated provisions regarding Angle-tax for Start-ups?
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Provision related to Angle Tax under Finance Act 2023:
Central Board of Direct Taxes (CBDT):
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Verifying, please be patient.
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