These steps shows government’s resolve towards ease of doing business in India and encourage entrepreneurship.
Government is seeking to calm the nerves of startups worried about angel tax.
The FAQs are based on the queries received by the CBDT to help assessees file ITRs.
More than 540 startups have received exemption from angel tax so far.
The government has allowed the task force to submit its report by 16th of August 2019.
The CBDT said that the software utility for e-filing of all the ITR forms has been released long back.
In case, you fail to file your ITR, the income tax department may send you a notice and you could be jailed.
Tax payers have to pay special attention this year on account of the changes in the forms.
FPIs get covered by higher tax rate as they have been investing as a non-corporate entity such as trust or association of persons.
FM Sitharaman proposed to increase surcharge from 15 pc to 25 pc on taxable income between Rs 2 cr and Rs 5 cr.