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Startups News

Startup India: In 34 months, only 94 of 15,798 govt recognised ventures got tax exemptions

According to the latest available data, as of mid-January 2019, 4,648 complete applications were received for exemption under Section 80IAC of the Income Tax Act.

Government booster dose for startups: No tax on funds raised last 7 years

The Commerce and Industry Ministry issued a notification to simplify the process for startups to receive tax exemptions under an anti-evasion provision of the Act.

Commerce Ministry relaxes Angel Tax norms for startups

The move, which is to ensure availability of funds for startups, follows concerns regarding the taxation of angel investments in this sector. The Central Board of Direct Taxes will notify the changes separately.

New platform for startups in Chandigarh soon, proposal ready

The first-of-its-kind platform in North India aims to develop Chandigarh as a knowledge hub, and will provide a fertile ground for research and its implementation.

Startups: Govt eases process to seek tax exemption on angel fund investments

Notably, entities requesting tax exemptions still need to provide a justification for valuation of shares “along with supporting documents”.

Gujarat best in providing ecosystem for startups: DIPP ranking

In the ranking process, states have been identified as leaders across categories — startup policy, incubation hubs, seeding innovation, scaling innovation, regulatory change champions, procurement leaders, and communication champions.

DIPP to set up panel to look into tax issues faced by startups

CBDT has asked its field officials to refrain from coercive steps to recover the demands of completed assessment under I-T from startups.

Tax notices to startups: Have taken up the issue, says Suresh Prabhu

A top income tax department official said the “notices issued on angel tax to startups may be for those that are not recognised by the department of industrial policy and promotion (DIPP)”.

Indian start-ups go global for growth as smaller cities take time to pick up

Push from a marquee investor like SoftBank to grab opportunity across the borders comes at a time when growth in India is said to be slowing down in particular categories as the firms go deeper into the geography.

Free cross-border data flow to help start-ups, says Google CEO Sundar Pichai

The government can notify certain categories of personal data as critical personal data that would have to be stored in a data centre located within India.

Indian start-ups make a beeline for foreign shores

Experts have pointed out that startups that are leading the ranks in their respective segments within India will begin to explore foreign markets that have consumers with more room for spending.

Startups get limited relief from ‘angel tax’

As many as 18 start-ups have received notices for the “angel tax” under Section 56(2)(viib) of the Income Tax Act, 1961. This section seeks to tax any capital raised by a closely-held company which is above its fair market value as income from other sources.