09 Jul 2019

Startup NEWS, 9 July, 2019

1. Kerala to hold women startup summit 

  • Kerala has 13 per cent of women participation in the #technology #startup ecosystem and the state #government had taken “proactive steps” for further increasing it.
  • The ‘#Women Startup Summit 2019’ aims at encouraging aspiring #women professionals to take up their entrepreneurial journey and developing an inclusive entrepreneurship ecosystem in the State.

source: ET

2. Co-living startup, Homigo accused untraced, pace of probe irks tenants 

  • The size of the scam is estimated to be between Rs 15 crore and Rs 20 crore. A bail plea filed on behalf of the three accused, on March 26, was rejected by a City Sessions Court.
  • It has been more than three months since the three cofounders of Bengaluru-based startup Homigo — which left hundreds of tenants facing eviction notices — have evaded arrest. Left to fight court cases, the complainants are questioning the pace of the police investigation.

source: ET

3. After Budget 2019, more good news in works for startups

  • 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.
  • The #government is working on another set of measures that could be rolled out soon to make it easier for them to do #business in the country.

source: ET

4. Budget initiatives for start-ups to significantly improve flow of funds: DPIIT Secretary 

  • 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.
  • Secretary in the Department for Promotion of #Industry and Internal Trade (DPIIT) Ramesh Abhishek said the Budget proposals have also resolved angel tax issues of start-ups.

source: ET

5. Nearly 4,000 companies set to gain from corporate tax reduction 

  • 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.

source: ET

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