Startups registered with DPIIT will not have to adhere to Section 56 2(b) of the IT Act
Finance Minister Nirmala Sitharaman on August 23 announced that Section 56 2(b) of the Income Tax Act shall not be applicable to startups registered with department for promotion of industry and internal trade (DPIIT).She added that a cell under the Central Board of Direct Taxes (CBDT) will be set up to redress problems of startups. Startups can approach the cell for all IT-related issues.
— Rajeev kumar (@rajeevkumr) August 23, 2019
Angel tax, which is not actually included as a term in the IT Act, was a source of concern for entrepreneurs.The Great Diwali Discount!
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