Startup Vision 2024: DPIIT proposes relaxation in these two sections of income tax act for founders to raise funding
5 May 2019 12:00 AM IST
As part of its Startup Vision 2024 document, the Department for Promotion of Industry and Internal Trade (DPIIT) has proposed changes to Section 54GB and Section 79 of the Income Tax Act to enhance fundraising capabilities of startups.
- As part of its Startup Vision 2024 document, the Department for Promotion of Industry and Internal Trade (DPIIT) has proposed changes to Section 54GB and Section 79 of the Income Tax Act to enhance fundraising capabilities of startups.
- DPIIT has sought proceeds on sale of residential properties to be exempted from capital gains tax under Section 54GB provided the funds are deployed in a startup as entrepreneurs often sell such properties for their businesses, PTI reported citing one of the sources.
- The document had suggested an exemption for investments by alternative investment funds from angel tax, cut rates for the Goods and Services tax, launch regulatory sandbox for development of fintech products, tax exemption for ESOPs, and tax incentives for startup investments.
- Currently, 18, 157 startups have been recognized by the Startup India programme.
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