Tax under section 56 for startups

Can LocalCircles team please brief us on this angel tax issue redressal?
https://www.ndtv.com/india-news/start-ups-troubled-by-angel-tax-suresh-prabhu-to-take-up-issue-1964698

My husband’s startup is faced with 2 notices for 16-17 and 17-18 and we need to figure out if Govt will help here or we on our own. more  

View all 7 comments Below 7 comments
Would be glad to help .... to wait for Govt action to alleviate your pain is futile ...
That said, depending on the contents of the Notice, there are clearly one document, and its date and signatory which are important - if all three (document / date / signatory) meet required parameters, the IT does NOT have authority to question the content of the document.
If any of the 3 parameters are invalid, the document is irrelevant and the IT can and will tax the premium as income. more  
NDTV is a bankrupt TV financially and mentally. do not waste your time on such reports. NDTV itself is a tax defaulters and simply hoping for some secular haffttas to remain alive. Just ignore it and read the Act carefully. more  
Section 56 was amended in 2012. It is applicable to any Pvt Ltd.
Why this hue and cry when rules are clear that any HNI or Sebi Approved VCs are exempted from this rules?
Why did startups or CAs ignore the fact that the VC is not on Sebi list?

DIPP made a process of making a list of genuine startups who are also exempt. HNIs with a good track record are exempt.

Question needs to be asked is why VCs are scared of SEBI?? more  
Currently the startup owners are on their own. DIPP has taken up the matter with Department of Revenue but how fast the action be in the question more  
govt needs to do something before the tax bureaucracy starts unravelling the startup movement in India. more  
Post a Comment

Related Posts

    • Economy in Decline

      Look at these numbers. What is the plan to revive things? Rather what should be the plan? -- Mining sector contracts 8.5% -- Manufacturing sector contracts 3.9% -- Electricity secto...

      By Mukul Puri
      /
    • MSME gst refunds not happening in 30 days

      On aug 23 the honble FM announced that pending msme gst refunds will get done in 30 days and going forward be settled in 60 days. The same is not happening. Can local circles please esca...

      By Vishal Khanna
      /
    • ROC return filing date extension

      By law ROC returns have to be filed within 30 days of AGM. By law AGM has to happen within 6 months of financial year closing that is March 31. Given all the festive season etc, I think ...

      By Shirisha Kumar
      /
    • People manipulating in name of startups

      Many many companies and smes are taking their old businesses and moving the business in new company after 2016 startup india. What is the Govt doing to ensure businesses of large compan...

      By Varun Bhawnani
      /
    • State of the economy

      Good insights on what could be done to address the economy but given the collection challenges of gst and direct tax how can the govt boost rural give away.

      By Sudesh Rai
      /
    • GST

      20% of tax GST tax payers account for 80% of tax . the GST filing should be simplified to a large extent. I am also a registered GST member without appreciable turn over. The gst form can not be u...

      By Subramanian Venkataraman
      /
    • Is GST about to hurt genuine businesses - well it seems like

      The Govt is implementing new restrictions in availing input tax credits. So far, businesses have been claiming input tax credit based on their own invoices. For instance businesss &lsqu...

      By Vishal Khanna
      /
    • Banks shut on 11 days this month

      How do we as a country call ourselves open for business when our banks are closed 1/3rd of the time. 2 October Gandhi Jayanti 6 October Sunday 7 October Navami 8 October ...

      By Sudesh Rai
      /
    • Duty Cuts on Chinese Imports - 80% items

      I read the headline India may cut duties on 80% chinese imports. At a time when the entire domestic industry is under tremendous slowdown there cant be a policy that allows India to get ...

      By Rohit Jain
      /
    • China Sellers on ecommerce

      This is how they sell. Selling by live streaming on 40 different sites at the same time. Where is the Indian ecommerce seller - probably in some Govt office dealing with an inspector and making him...

      By Sujata Singh
      /
    • Smart Move

      Very smart move by FM. Firms can now choose to pay a higher rate & claim tax breaks or pay a lower rate with no tax breaks. Maybe many of the big firms crying about high tax rates will suddenly...

      By Naina Mittal
      /
Share To
Enter your email & mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

Please select a Circle that you want people to invite to.
Invite to
(Maximum 500 email ids allowed.)