(Chd,Pb)Capt Govt Treasured ₹4.12 Crore on 310 Defaulter Vehicles
Punjab Govt Treasured ₹ 4.12 crore on 310 defaulter vehicles out of total 348 during the month of July 2020 especially amid trying circumstances of Covid-19.
According to a spokesperson of the Taxation Department, the penalty of ₹ 1.76 Crore on Vehicles carrying iron scrap, ₹ 1.12 Crore on Vehicles carrying iron and steel finished goods, ₹. 65 Lakh on Vehicles carrying (parchoon)/mixed items, ₹. 15.5 Lakh on Vehicles carrying Aluminium scrap/Copper scrap, ₹ 7.5 Lakh on Vehicles carrying Cigarette/Tobacco products and ₹ 34.81 Lakh on Vehicles carrying miscellaneous items, has been imposed during July 2020.
Tag: Taxation
Capt Govt Treasured ₹4.12 Crore on 310 Defaulter Vehicles
702 Startups Exempted From Taxation
[New Delhi]702 Startups Exempted From Taxation
Startups receiving investments from Ventures Capital Fund are exempt from taxation as per provision of Section 56, (2) (vii b) of Income Tax Act 1961 (Act). Angel Fund is sub category of Ventures Capital Fund under Category-I Alternative Investment Fund (AIF), hence, eligible for the same exemption.
Department of Revenue had earlier issued an advisory on 24th December, 2018 based on representations received from various startup companies that no coercive measures to recover the outstanding amount should be taken for startup companies
DPIIT accepts applications and declarations from Startups applying for Angel Tax Exemption and on the receipt of the same DPIIT forwards these applications to CBDT. As on 21st June, 2019 a total of 944 applications for Angel Tax Exemption have been received. Thirty-nine applications have been found to be incomplete, and 203 applications were repeat or modified applications. CBDT has exempted 702 startups under this provision.
This information was given by the Minister of Commerce and Industry, PiyushGoyal, in a written reply in the Lok Sabha today.
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