DNA (Daily News & Analysis) Mumbai Edition : 2019-02-11
FRONT PAGE : 24 : 24
STBAARCTK-USPAINGCE 06 DAILY NEWS & ANALYSIS MUMBAI I I MONDAY, FEBRUARY 11, 2019 www.dnaindia.com twitter.com/dna epaper.dnaindia.com facebook.com/dnaindia I I I Govt may raise investment limit of angel tax concessions The government is contemplating hike in the investment limit for availing income tax concessions by start-ups and provide a more clear definition for the purpose, sources said. Giving relief to budding entrepreneurs last year, the government allowed start-ups to avail tax concession only if total investment, including funding from angel investors, does not exceed Rs 10 crore.
Officials of the Department for Promotion of Industry and Internal Trade (DPIIT) and Central Board of Direct Taxes (CBDT) are holding series of meetings to find New Delhi: HANDSOME PIE a solution of the angel tax issue being raised by start-ups.
“We are considering several things, including hiking the limit to avail the tax concessions. A clear definition is also required for this,” a source said. Though startups are demanding complete exemption from this tax, the government may increase investment limit for tax exemption to Rs 25-40 crore, sources added.
CBDT chairman Sushil Chandra recently stated that they have received several suggestions from start-ups on exempting them from Section 56(2)(viib) of the Income Tax Act. These meetings come against the backdrop of various start-ups raising concerns on notices sent to them under section 56 of the I-T Act. Market for male grooming in India by 2022 —PTI THE BIG PICTURE
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