The initiatives announced by the Government for start-ups in the Union Budget would significantly improve flow of funds and encourage budding entrepreneurs, a top official said.
Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Ramesh Abhishek said the Budget proposals have also resolved angel tax issues of start-ups.
“Major tax reforms have been announced for start-ups that will significantly improve flow of funds to them and address many tax related issues they have been facing,” Abhishek told PTI.
The Budget has proposed special administrative arrangements to be made by the Central Board of Direct Taxes (CBDT) for resolving pending tax assessments of start-ups and redressal of their grievances.
The Government will ensure that no inquiry or verification in pending cases can be carried out by the assessing officer without obtaining approval of his supervisory officer.
These measures, he said, would help budding entrepreneurs focus more on their businesses and not on regulatory matters.