New Delhi, Aug 30 (PTI) The CBDT notified on Friday creation of a five-member special cell to address grievances of startups with relation to angel tax and other tax-related issues.
An order issued by the Central Board of Direct Taxes (CBDT) said the ‘startup cell’ will be headed by the member (Income Tax and Computerisation) of the board.
“The cell will work towards redressal of grievances and mitigate tax-related issues in case of startup entities with respect to administration of Income-tax Act, 1961,” the order, accessed by PTI, said.
A CBDT spokesperson said, “Startup entities can approach the cell for speedy resolution of their grievances. This initiative is the latest amongst the recent initiatives taken by the CBDT to further ease the compliance issues pertaining to startups.”
The order also gave out an email id — email@example.com — and the postal address of the cell. It also provided landline telephone numbers of the members ranging from the member, joint secretary (tax policy and legislation-II), commissioner of I-T (ITA), director (ITA-I) and under secretary (ITA-I).
Startups can approach the cell at: Office of Under Secretary, ITA-I, Room No 245A, Noth Block, New Delhi-110001. Phone: 011-23095479; Fax no: 23093070.
Finance Minister Nirmala Sitharaman had, during a press conference last week, announced creation of such a cell in the CBDT and had declared exempting startups from the so-called angel tax.
“To mitigate genuine difficulties of startups and their investors, it has been decided that section 56(2)(viib) of the Income-Tax Act shall not be applicable to a startup registered with DPIIT,” she had said, adding a startup having any income tax issue can approach the cell for quick resolution of the same. PTI NES NES