'Tax On Angel Investments Haunts A Majority Of India's Startups'
(MENAFN - Kashmir Observer) NEW DELHI ? Around 73% of startups in a recent survey said they have received at least one angel tax notice. Almost 30% ha
- Various startups and groups including IT industry trade body NASSCOM, the Indian Angel Network, iSPIRT Foundation, IVCA, and LocalCircles have written to the government, seeking either the abolition of angel tax or at least more relaxed criteria.
- Members of government, including prime minister Narendra Modi, have voiced support for the startups' demand.
- Instead of an inter-ministerial group, applications will now go to the department for the promotion of industry and internal trade, which will forward them to the central board of direct taxes for approval.