All Hail Startups! Govt Liberalises Conditions For Angel Tax Exemption
After months of back and forth over letters, Twitter campaigns and meetings, the government has now notified changes in the rules for angel tax exemption for the startups.
- In a gazette notification on Wednesday (January 16, 2018), the Department of Industrial Policy and Promotion (DIPP) has now provided for a simpler mechanism for startups to claim exemption from angel tax retrospectively.
- Additionally, the approval mechanism will also be applicable for the startups incorporated before April 2016, which was initially the starting date set for the 3-year tax exemption window policy under the Startup India policy.
- The Gazette notification has made certain partial modifications in the angel tax notification issued on April 11, 2018.
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