Startups with Demand Orders: Submit your information

CBDT has recently requested LocalCircles to submit PAN No.s and names of all startups that have a demand order/appeal case for angel tax Section 56 (2)viib or Section 68. All such startups are requested to share their information at the link below:

Submit your information

. Please note that you are sharing your pan at your own discretion and there are no assurances whether CBDT will be able to intervene in resolving or expediting your case. ispirt is working with LocalCircles to compile this information.

Background

Many of you may know that LocalCircles actively took up the cause of abolishing angel tax for startups in India a few months back. We are pleased to share that on Feb 19, Ministry of Finance via CBDT and Ministry of Commerce via DIPP accepted the solution proposed by LocalCircles and issued a notification to abolish angel tax for recognised startups in India with a few conditions. This is the single biggest reform for startups by the Modi Government and has the potential to invigorate an ecosystem that was struggling in the last few years due to this devil tax. Below is the detailed report and related media reports.

Full LocalCircles Report
Moneycontrol Report
Indian Express Report
The Hindu Report

If you have additional ideas or inputs on what the Government should do to boost the startup ecosystem further, please do share as LocalCircles will be taking them up with the Government very shortly.

more  

Been reading about all the good work local circles been doing on this. Hats off. more  
My simple question is why a share capital received is to be treated income at all. The investor will treat the investment in his account. When he claims loss then IT department should question him the genuinity of investment and impose penalty. And not the new business to be harassed. Subsequently if the startup does any mischief they have to be booked. Punishing presuming things is bad in law and natural justice. Presumptive taxation and taxation laws should be declared void. That will make tax compliance simple. more  
It will be highly helpful to startups and a right suggestion more  
Solution suggested seems to be reasonable. more  
Lets keep the mandatory stipulations to a minimum, e-friendly / m-friendly, and hand hold the startups to ensure success with the government as a altruistic and proactive guide and partner, on a war scale. more  
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