Rahul Gandhi's promise to scrap angel tax a little too late, says startup sector

Rahul Gandhis promise to scrap angel tax a little too late, says startup sector

  • The startup industry does not seem to be very impressed with  Congress President  Rahul Gandhi's promise to abolish angel tax given that a lot of work to reform it is already under progress.
  • Rahul Gandhi on March 29 promised that if Congress came to power he will ensure that new ventures do not require any regulatory permissions for three years and that angel tax gets removed.
  • Under the IT Act, Section 56 (2) (viib) money invested by angels in a company is treated as income from other sources.
  • Category I registered with SEBI will be exempted under Section 56(2)(viib) of Income Tax Act beyond the limit of Rs 25 crores.


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