2024 Union Budget abolishes angel tax for all investors in India, aiming to boost startups.

Union Budget 2024: Finance Minister Nirmala Sitharaman announced the abolition of the so-called angel tax for all classes of investors, aiming to strengthen the Indian startup ecosystem, foster entrepreneurial spirit, and support innovation. The angel tax, introduced in 2012, taxed the capital raised by unlisted companies via the issuance of shares through off-market transactions.