Central Board of Direct Taxes (CBDT) has notified certain certain classes of persons which are exempt from the 'angel tax' provisions under Income-tax Laws, vide Notification 29/2023.
CBDT has amended the provisions of the 'Angel Tax' under Section 56(2)(viib) of the Income Tax Act, 1961, to exempt or exclude start-ups recognized by the DPIIT, vide Notification …