The government has decided to set up an expert committee to look into all the taxation issues being faced by startups and angel investors.
The Central Board of Direct Taxes (CBDT) said in a statement that no coercive action or measures to recover the demands of completed assessment under income tax would be taken” against such firms.
It said the committee of experts from IITs and IIMs will make recommendations on individual cases of recognised startups.
The notification of the committee formation will be issued by the DIPP shortly.
The decision was taken at a high-level meeting of Department of Revenue Secretary Ajay Bhushan Pandey, Department of Industrial Policy and Promotion (DIPP) Secretary Ramesh Abhishek, and Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra in New Delhi
