Arecent series of so-called “angel tax” notices received by start-ups have caused consternation. Under Section 56 of the Income Tax Act, the tax department can investigate start-ups to see if they are conduits for tax evasion and money-laundering.
However, the laws as they currently stand have a very negative impact on sentiment as they go against the spirit of the Start-up India initiative of the government. While the Central Board of Direct Taxes (CBDT) has agreed to refrain from coercive action against start-ups after a high-level intervention from the commerce ministry, the ...
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