Government booster dose for startups: No tax on funds raised last 7 years
The Commerce and Industry Ministry issued a notification to simplify the process for startups to receive tax exemptions under an anti-evasion provision of the Act.
- Scheme to provide platform for women SHGs launched Goa: Civil aviation ministry launches first GI store The Central Board of Direct Taxes will notify the changes separately.
- AFTER representations by many business groups, the government Tuesday exempted startups from ‘angel tax’ on funds they have raised from investors in the last up to seven years.
- The Central Board of Direct Taxes will notify the changes separately.
- According to the notification, eligible startups will receive tax exemptions on funds raised up to Rs 25 crore for shares issued or proposed to be issued to angel investors.
- Investments into eligible startups by non-residents and venture capital company or fund will also be exempted beyond the Rs 25 crore limit under this section of the Act, according to the notification.