NEW DELHI, Feb. 19 -- Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu has cleared a proposal aiming at simplifying the process of exemptions for Start-ups under Section 56 (2) (viib) of Income Tax Act. The Department for Promotion of Industry and Internal Trade (DPIIT) will be issuing a gazette notification on Tuesday to this effect.
In order to catalyse entrepreneurship by enabling angel investments to innovators across all sections of society and all sectors of economy, a Gazette notification in partial modification of Gazette Notification number G.S.R 364 (E) dated April 11, 2018 was issued on 16.02.19.
However, concerns were expressed regarding taxation of angel investments and there were issues that needed to ...