SME Times News Bureau | 09 Feb, 2019
The Government of India has continuously engaged
with all stakeholders to address relevant issues related to the Indian Startup
eco-system, said a Commerce Ministry statement.
The Department for Promotion of Industry and
Internal Trade (DPIIT) issued notification in April 2018 for easing the norms
for providing tax exemption to the Startup companies and further amended the
notification on 4th February 2019, said the statement.
Provided that in case the approval is requested for
shares already issued by the Startup, no application shall be made if
assessment order has been passed by assessing officer for the relevant
financial year, it added.
The application, accompanied by the documents
specified therein, shall be transmitted by DPIIT to CBDT with the necessary
CBDT within a period of 45 days from the date of
receipt of application from DPIIT may grant approval to the Startup or decline
to grant such approval.
The Government has not conducted any survey to
assess the adverse effects of angel tax on the Indian startup ecosystem.
This information was given by the Minister of State
of Commerce and Industry, C. R. Chaudhary, in written replies in the Rajya