CBDT notifies creation of special cell for start-ups

CBDT notifies creation of special cell for start-ups

NEW DELHI: The CBDT has notified creation of a five-member special cell to address grievances of start-ups with relation to angel tax and other tax-related issues.
An order issued by the Central Board of Direct Taxes (CBDT) August 30 said the ‚Äústart-up cell’ will be headed by the member (Income Tax and Computerization) of the board.
“The cell will work towards redressal of grievances and mitigate tax-related issues in case of startup entities with respect to the administration of Income-tax Act, 1961,” the order, accessed by PTI, said.

A CBDT spokesperson said, “Start-up entities can approach the cell for the 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 start-ups.”
The order also gave out an email id – startupcell.cbdt@gov.in – 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 undersecretary (ITA-I).

Start-ups 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 month, announced the creation of such a cell in the CBDT and had declared exempting start-ups 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 start-up registered with DPIIT,” she had said, adding a start-up having any income tax issue can approach the cell for quick resolution of the same. PTI