New Delhi, Dec 20 (KNN) In a bid to protect startups facing harassment from tax officials demanding taxes on angel funding, the Department of Industrial Policy & Promotion (DIPP) has clarified that it has taken up the issue with the Department of Revenue (DoR) and is trying to sort it out.

“The DIPP has taken up this matter of issue of IT notices with the DoR so that there is no harassment of angel investors or start-ups. Government is committed to protecting bonafide investments into start-ups,” an official release issued by Ministry of Commerce and Industry said. 

The DIPP has taken the notice of news reports doing rounds that the Income Tax Department, has been sending notices to early-stage start-ups asking them to clear taxes on the angel funding raised by them.

Committed to protect bona-fide investments into startups, DIPP has taken up the matter with DoR to protect the angel investors and startups from harassment.