DIPP clarification on IT notice to Angel Investors

DIPP clarification on IT notice to Angel Investors

Agency News

New Delhi, Dec 15: The Department of Industrial Policy & Promotion (DIPP) has taken notice of the news reports regarding issue of notices by Income Tax authorities to Angel Investors or Start-ups, according to a statement of Commerce ministry on Wednesday.

''DIPP in consultation with the Department of Revenue (DoR) has put in place a mechanism since April 2018 to grant exemption from the provisions of Section 56(2)(viib) of the Income Tax Act to genuine investors in recognised start-ups,'' it said.

The DIPP has again taken up this matter of issue of IT notices with the DoR so that there is no harassment of Angel Investors or Start-ups.

The Government was committed to protecting bona fide investments into start-ups, the statement added. (UNI)