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In case a DPIIT-recognised startup is picked up for scrutiny on this Angel Tax provision, then no verification of such cases will be done by the assessing officer
India’s angel tax has been a cause of heartburn among startup founders as angel funding is vital oxygen for nascent startups.
Latest update to Rule 11UA regarding angel tax a.k.a Section 56(2)(viib) does not resolve the core issue of disputes for Indian startups
The Income Tax Department has issued new regulations concerning the valuation of equity and compulsorily convertible preference shares issued by startups to both resident and non-resident investors.These regulations, effective from Monday ...
As per the changes in Rule 11UA of I-T rules, which comes into effect from September 25, the CBDT provides that the valuation of compulsorily convertible preference shares (CCPS) can also be based on the fair market value of unquoted equity shares.