Angel Tax
The Union Budget 2024-25 announced the abolition of Angel Tax for all classes of investors to promote entrepreneurship and innovation. This decision follows recommendations from the Department for Promotion of Industry and Internal Trade (DPIIT) and the Confederation of Indian Industry (CII).
What is Angel Tax?
- Introduced in 2012 under Section 56(II)(viib) of the Income Tax Act, 1961.
- Imposed on unlisted startups receiving investments above fair market value to curb money laundering and tax evasion.
- Initially applicable only to domestic investors, later extended to foreign investors in Budget 2023-24.
Startup Funding & Investment Landscape
- Startups rely on venture capital (VC), private equity, ....
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