Speed Post News Network
New Delhi : The Department of Industrial Policy & Promotion(DIPP) has taken note of the news reports regarding issue of notices by Income Tax authorities to Angel Investors/Start-ups.
The 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.
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 is committed to protecting bonafide investments inSstart-ups, according to a PIB release.