Department of Industrial
Policy and Promotion (DIPP) issues clarification on IT Notice to Angel
Investors/Start-ups; States that DIPP has put in place a mechanism since April
2018 to grant exemption from the provisions of Section 56(2)(viib) to genuine
investors in recognized start-ups; Clarifies that it has taken up matter of
issue of income-tax notices with the Department of Revenue (DoR) to avoid
harassment of Angel Investors or Start-ups; Re-iterates that Government is
committed to protecting bona fide investments into start-ups.
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