United Progressive Alliance - Latest News Update, Information, Photos & Videos on United Progressive Alliance at Lokmat Times

"The issue of establishing identity of the investor and source of his funds will be resolved by putting in place a mechanism of e-verification. With this, funds raised by start-ups will not require any kind of scrutiny from the Income Tax Department," said Sitharaman while presenting her maiden Union Budget.Introduced in 2012 by the then United Progressive Alliance (UPA) government, angel tax received widespread criticism from the start-ups community as some of them began receiving I-T notices for non-payment of dues."Start-ups in India are taking firm roots and their continued growth needs to be encouraged," stressed the finance minister, adding they will not be subjected to any kind of scrutiny in respect of valuations of share premiums.In addition, she said, special administrative arrangements would be made by the Central Board of Direct Taxes (CBDT) for pending assessments of start-ups and redressal of their grievances."It will be ensured that no inquiry or verification in such cases can be carried out by the Assessing Officer without obtaining approval of his supervisory officer," she noted.At present, start-ups are not required to justify fair market value of their shares issued to certain investors including Category-I Alternative Investment Funds (AIF)."I propose to extend this benefit to Category-II Alternative Investment Funds also. Therefore, valuation of shares issued to these funds shall be beyond the scope of income tax scrutiny," said Sitharaman.She also proposed to relax some of the conditions for carry forward and set off of losses in the case of start-ups.The finance minister also announced to start a television programme within the DD bouquet of channels exclusively for start-ups."This shall serve as a platform for promoting start-ups, discussing issues affecting their growth, matchmaking with venture capitalists and for funding and tax planning. This channel shall be designed and executed by start-ups themselves," said Sitharaman.Announcing more incentives for start-ups, she said: "The condition for carry forward and set off of losses in cases of eligible start-ups is proposed to be relaxed enabling them to carry forward their losses on satisfaction of any one of the two conditions, i.e. continuity of 51 per cent shareholding/voting power or continuity of 100 per cent of original shareholders."Further, the provision which allows exemption of capital gains from sale of residential property on investment of net consideration in equity shares of eligible start-up shall be extended by two years".The condition of minimum holding of 50 per cent of share capital or voting rights in the start-up was proposed to be relaxed to 25 per cent.( With inputs from IANS )

United Progressive AllianceFOLLOW

United progressive alliance, Latest News

New Delhi, Oct 9 Former Prime MInister Manmohan Singh on Friday condoled the death of Union Minister Ram Vilas ... ...

Former Prime Minister Manmohan Singh on Friday condoled the death of Union Minister Ram Vilas Paswan, stating that he was an efficient administrator who worked closely with him and was an important Dalit leader face in the Central government of many ...

Senior Congress leader and former finance minister P Chidambaram on Wednesday took a jibe at current Chief Economic Advisor (CEA) Dr Krishnamurthy Subramanian for describing Congress-led United Progressive Alliance (UPA) government as "lost decade". ...

Punjab Finance Minister and Congress leader Manpreet Singh Badal on Friday said that though Prime Minister Narendra Modi has stated that the income of farmers would be doubled, it is the lowest in the last 14 years this year. ...

Hyderabad, Aug 31 Former President Pranab Mukherjee, who passed away on Monday, had a special connection with the ... ...

The Centre has not sanctioned a single rupee for creating Information Technology and Investment Region (ITIR) in Hyderabad, Telangana's IT Minister K.T. Rama Rao said on Saturday. ...

From a student leader who rose from Andhra Pradesh's Osmania University, Jaipal Reddy made his own mark in the national politics. He took on former prime minister Indira Gandhi in then Andhra Pradesh's Medak constituency in the 1980 Lok Sabha polls a ...

In a huge relief for the start-ups community, Finance Minister Nirmala Sitharaman on Friday said the start-ups and their investors who file requisite declarations and provide information in their returns will not be subjected to any kind of angel tax ...