- A new set of tax return forms, aimed at saving angel #investors and #startups from any questioning by tax officers, will be rolled out by September.
- “We would be modifying the return forms, which will allow the system to check if the #investment made in the #startup is genuinely made by someone capable of making that kind of investment,” a senior #government official said.
- The #government’s move to reduce the #corporation tax rate to 25% will benefit around 4,000 companies with the Centre expected to forego Rs 3,000 crore revenue annually
- Officials, however, indicated that there was little headroom to reduce the rate for all #companies given that a one percentage point reduction in rates results in a Rs 15,000 crore loss to the exchequer.
- The #government will ensure that no inquiry or verification in pending cases can be carried out by the assessing officer without obtaining approval of his supervisory officer.
- The initiatives announced by the #government for start-ups in the Union Budget would significantly improve flow of funds and encourage budding entrepreneurs, a top official said.
- #IT industry body Nasscom has said the slew of incentives announced for startups in the Budget will help facilitate funding and reduce the regulatory and tax compliance burden on these fledgling enterprises.
- The govt has proposed a host of incentives, including a special arrangement for resolution of pending assessments of income tax cases, with a view to encouraging #startups.
- In her maiden Budget speech on Friday, Union Finance Minister Nirmala Sitharaman proposed a number of measures to resolve the problems being faced by startups with regard to funding, called angel #tax, and their certification.
- he head of country’s income tax policy-making body Saturday assured the #startup community that all concerns related to ‘angel tax’ have been “sorted out” and they should now concentrate on their #business without worrying about the taxman or I-T notice.