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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, 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
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