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of <h1>Ministry Redefines 'CBDT' and Updates Startup Exemption Process u/s 56(2)(viib) of Income-tax Act.</h1> The notification issued by the Ministry of Commerce and Industry on January 16, 2019, modifies a previous notification from April 11, 2018. It redefines 'CBDT' as the Central Board of Direct Taxes and outlines the approval process for startups seeking exemption under section 56(2)(viib) of the Income-tax Act. Startups recognized by the Department of Industrial Policy and Promotion (DIPP) can apply for approval if their paid-up share capital and share premium do not exceed ten crore rupees. The application process involves submission of Form-2 and necessary documents to DIPP, which will forward them to CBDT for approval within 45 days. The notification is effective upon publication and will be reviewed before March 31, 2021.
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