Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
In a recent notification, the Central Board of Direct Taxes has addressed the subject of angel tax and simplified the assessment process for recognized startups. The board in circular dated states that no action will a by assessing officer against startups recognized under the Department for Promotion of Industry and Internal Trade (DPIIT) and if the case is under limited scrutiny norms. It has been notified that action against such entities will be taken only after the approval of the superior officer. know regarding Angel Tax- Assessment process simplified by CBDT following article.
The notification regarding Angel Tax assessment, reads the following orders;
“i) In case of Startup Companies recognized by DPIIT which have filed Form No. 2 and whose cases are under “limited scrutiny” on the single issue of applicability of section 56(2) (viib), the contention of the assessee will be summarily accepted.
ii) In case of Startup Companies recognized by the DPIIT[1], which have not filed Form No. 2, but have been selected for scrutiny, the inquiry in such cases also will be carried out by the Assessing Officer only after obtaining approval of the supervisory authorities.”
Read our article:All Types of Income Tax Return Filing In India
Various considerations will impact the success and effectiveness of business decisions when cho...
Registering for the NSE Social Stock Exchange involves various steps to ensure that an organiza...
The Reserve Bank of India (RBI) recently released preliminary rules for payment aggregators tha...
NBFCs create opportunities for retail investors through several channels and mechanisms. These...
Under the insurance sector, the insurance agent can be considered a profession that provides n...
Are you human?: 3 + 6 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
Non-banking financial companies have a significant role to play in the India’s current financial system. It broad...
14 Feb, 2022
The new Financial Year begins on 1st of April every year and ends on 31st March of the following year. Every year o...
06 Apr, 2021