Mumbai: The khadi industry in India is expected to cross Rs 10,000 crore turnover in the next five years, Khadi and Village Industries Commission (KVIC) Chairman Vinai Kumar Saxena said on Thursday.

In a relief to startups regards the dreaded angel tax, Finance Minister Nirmala Sitharaman announced that Section 56 2 (b) of the income tax shall not be applicable to a startup registered with DPIIT. “That section is important for income tax so it will continue. However it will not be applicable to registered startups,” she said. 

Addressing the media at a press conference, she also said that it has been decided to set up a cell under a member of the CBDT. “A member will head a cell. Under him, problems will be addressed for startups. A startup having any issue can approach the cell for quick resolution of problems,” she said. 

Published On : 23-08-2019

Source : Economic Times