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

    • Covid 19 job Crisis in India

      Has been captured well by this graphic attached. I want to know what are entrepreneurs doing in this circle. Are you letting some staff go or are you cutting salaries? Our small 7 store retail chai...

      By Naina Mittal
      /
    • Difference in Intent and Ground scenario for Loans for MSMEs

      Hon. FM has said that Banks will give easy and more loans to small businesses (MSMEs), so that they use the funds to tide through these difficult times and then repay the same with interest over a ...

      By Gautam Poddar
      /
    • Minimum Balance charges

      On one hand government is providing many reliefs for common man, one of them being that Banks will not charge interest / EMIs for 3 months, on the other hand Banks are charging huge amounts in cas...

      By Gautam Poddar
      /
    • Workplace Social Distancing guidelines/rules

      As issued by the Government, attached

      By Anil Mehta
      /
    • By Vishal Khanna
      /
    • No Labour Laws applicable for 3 years

      it has exempted industries in the state from ALL LABOUR LAWS for the next 3 years. Attached Notification. Big relief for industry. All states should do this Only these labour laws will a...

      By Ajay Dutta
      /
    • Starting up of MSME units - not really

      My brother has a MSME unit in Noida Phase 2. He resides in Delhi. 80% of their staff lives in Delhi. None of them are being permitted to enter Noida because of border restrictions. This is ridiculo...

      By Vishal Khanna
      /
    • Labour Crisis

      Most migrants workers are back to home town and most probably Will not come back till post Diwali or Chhath Puja. Industries are Being opened but how these industries wil operate? there...

      By Anil Mehta
      /
    • By Nikhil Jain
      /
    • Govt cuts salaries; Private sector cuts will be brutal

      Govt has frozen the dearness allowance to central government employees till July 2021 along with any kind of arrears (attached). With this even private sector will cut the salaries, no work no pay ...

      By Anil Mehta
      /
    • Startup in the right field

      2020 will vastly accelerate adoption of the following. If you are a startup, pivot to these areas or become enabler of these 1 e-commerce 2 drone delivery 3 digital contactless...

      By Rohit Jain
      /
Share
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.)