Angel Tax: Income Tax Department Notifies 120 Startups Now Eligible For Exemption From Payment
23 March 2019 12:00 AM IST
DPIIT is also working on a proposal to accredit investors to protect them from ?angel tax? provisions.�
- The Income Tax (I-T) department has notified around 120 startups that will be exempt from paying the so-called angel tax on funds raised from angel investors, reports Mint.
- This comes only weeks after the Department of Promotion of Industry and Internal Trade (DPIIT) and Central Board of Direct Taxes (CBDT) together announced that they will publish a list of startups that will be exempt from ‘angel tax’ provisions.
- Now, the issue appears to have been resolved and by publishing a notified list of startups expect from ‘angel tax,’ government can direct its efforts towards identifying fraudulent enterprises masquerading as startups.
- This aims to allay the fears of money laundering through investments in startups. ...
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