A total of 277 startups got a clean chit from the income tax department, shielding them from angel tax, as the centre is in the process of implementing the new framework, The Economic Times reported.

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Sources told the paper that 302 entities had applied for the same.

The step taken by the startups come after the Central Board of Direct Taxes (CBDT) and the Department for Promotion of Industry and Internal Trade (DPIIT) amended the startup framework in February.

“A total of 302 people have applied…. 277 have been sent an intimation or acknowledgement…. Our team has started informing the 25 about the discrepancy and all discrepancies will be shared with them by today so that they can reapply,” the sources were quoted as saying.

Before the amendment in the norm, startups said that the Income Tax department had taken money from their bank accounts of many companies in the name of angel tax.

First Published:Apr 12, 2019 10:02 AM IST