Startups Caught In Angel Tax Net Also Getting Relief
20 March 2019 11:50 AM GMT
Angel tax relief available to startups who got notices from the taxman.
- Also Getting Relief Startups that received angel tax notices are also getting relief after the government last month tweaked rules amid fears that the levy could deter early-stage investors from making bets on new ventures.
- Sreejith Moolayil, co-founder of health food startup True Elements, said his venture received the exemption letter— BloombergQuint reviewed a copy.
- True Elements was among the 150 ventures that got the notices, and they were worried that the benefit wouldn’t be available to them as the changes to the rules applied prospectively.
- Easier rules followed concerns that tax on angel investments could dry early-stage funding that is necessary to build a startup ecosystem, leading to exodus of new ventures from India.
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