One of the measures pertaining to taxation announced by the Hon’ble Finance Minister as part of the several measures to boost the economy, was the withdrawal of ‘Angel Tax’ provisions for Start-ups and their investors.
As part of the measures for mitigating the genuine difficulties of Start-ups, it was decided that a dedicated cell would be set up under a Member of CBDT for addressing the specific problems of Start-ups.
In order to redress grievances and address various tax related issues in the cases of Start-ups, a Start-up Cell has been constituted by CBDT on 30.08.2019 with the following ex-officio members:
SN Portfolio . Designation
1 . Member (IT &C) Chairman
2 JS-TPL-II Member
3 CIT(ITA) Member
4 Director (ITA-I) Member Secretary
5 Under Secretary(ITA-I) Member
The Cell will work towards redressal of grievances and mitigate tax-related issues in case of Start-up entities with respect to administration of the Income-tax Act, 1961.
Grievances relating to Start-ups may be filed with the O/o Under Secretary, ITA-I, Room No.245A, North Block, New Delhi – 110001 as well as online at firstname.lastname@example.org.
The Cell will also be accessible telephonically on 011-23095479 /23093070 (F).
Start-up entities can approach the Cell for speedy resolution of their grievances.
This initiative is the latest amongst the recent initiatives taken by CBDT to further ease the compliance issues pertaining to Start-ups.