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Naina Mittal

Tax under section 56 for startups

Can LocalCircles team please brief us on this angel tax issue redressal?
https://www.ndtv.com/india-news/start-ups-troubled-by-angel-tax-suresh-prabhu-to-take-up-issue-1964698

My husband’s startup is faced with 2 notices for 16-17 and 17-18 and we need to figure out if Govt will help here or we on our own. more  

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Start-Ups Troubled By Angel Tax, Suresh Prabhu To Take Up Issue
Sreejith Moolayil, founder of Pune-based start-up True Elements raised Rs 1.5 crore for his venture from an angel investor in the year 2015. That would have been good news, except two years later, he received an orde...
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Jayant Tewari (Out-Sourced CFO)
Would be glad to help .... to wait for Govt action to alleviate your pain is futile ... That said, depending on the contents of the Notice, there are clearly one document, and its date and signatory which are important - if all three (document / date / signatory) meet required parameters, the IT does NOT have authority to question the content of the document. If any of the 3 parameters are invalid, the document is irrelevant and the IT can and will tax the premium as income. more  
SUBHASH PARAKH (Chartered Accountants)
NDTV is a bankrupt TV financially and mentally. do not waste your time on such reports. NDTV itself is a tax defaulters and simply hoping for some secular haffttas to remain alive. Just ignore it and read the Act carefully. more  
Kush Agarwal
Section 56 was amended in 2012. It is applicable to any Pvt Ltd. Why this hue and cry when rules are clear that any HNI or Sebi Approved VCs are exempted from this rules? Why did startups or CAs ignore the fact that the VC is not on Sebi list? DIPP made a process of making a list of genuine startups who are also exempt. HNIs with a good track record are exempt. Question needs to be asked is why VCs are scared of SEBI?? more  
Pushpendra Surana (Professional Services Provider)
Currently the startup owners are on their own. DIPP has taken up the matter with Department of Revenue but how fast the action be in the question more  
Jayakrishnan Kaveseri
govt needs to do something before the tax bureaucracy starts unravelling the startup movement in India. more  
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