DPIIT recommends removal of angel tax for startups in Budget 2024, awaiting Finance Ministry's decision.
DPIIT supports removal of angel tax for startups in Budget 2024, recommending it be scrapped under Section 56.2 VII B. Angel tax is a 30.6% income tax levied when an unlisted company issues shares above fair market value. DPIIT Secretary Rajesh Kumar Singh says the final decision lies with the Finance Ministry. Angel tax has been criticized for hindering capital formation for startups and their foreign investors.
July 04, 2024
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