Direct payment obligation for tax on specified startup equity triggers remittance upon sale, cessation, or after a prescribed period.

The amendment requires assessees to pay tax directly on income from specified securities or sweat equity allotted or transferred by a current employer that is an eligible start up, for assessment years beginning on or after 1 April 2021; tax must be paid within fourteen days of the earliest of: expiry of the prescribed post assessment period, sale of the security or sweat equity by the assessee, or cessation of employment with the employer who allotted or transferred the share.

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