CBDT notifies creation of special cell for startups

New Delhi, Aug 30 (PTI) The CBDT on Friday notified creation of a five-member special cell to address the grievances of startups with relation to angel tax and other tax-related issues.

An order issued by the Central Board of Direct Taxes (CBDT) said the 'Startup Cell' will be headed by the member (Income Tax and Computerisation) of the Board.

"The cell will work towards redressal of grievances and mitigate tax-related issues in case of startup entities with respect to administration of Income-tax Act, 1961," the order, accessed by PTI, said.

Finance Minister Nirmala Sitharaman had last week announced creation of such a cell in the CBDT during a press conference and had announced exempting startups from the so-called angel tax.