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Last Updated : Aug 23, 2019 09:59 PM IST | Source: Moneycontrol.com

Relief for startups: Angel tax provisions removed

Startups registered with DPIIT will not have to adhere to Section 56 2(b) of the IT Act

Moneycontrol News @moneycontrolcom

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.

Angel tax, which is not actually included as a term in the IT Act, was a source of concern for entrepreneurs.

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First Published on Aug 23, 2019 07:27 pm
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