Angel tax: 115% jump in number of exempted startups; total applications hit 317 mark
DPIIT had issued a notification on February 19 pertaining to the number of years since incorporation (up to 10 years), turnover (Rs 100 crore), and amount raised by startups (up to Rs 25 crore) in angel funding to apply for the exemption.
- The number of exempted startups has sharply risen by 115 per cent to 291 till April 10.
- Before that, on March 20, around 120 startups were sent notification for exemption by the CBDT.