Angel Tax Provisions For Start-Ups Removed: Nirmala Sitharaman

Announcing measures to boost the subdued economy, the Finance Minister said that Section 56 2(b) of the Income Tax Act will not be applicable on startups registered under the Department for Promotion of Industry and Internal Trade (DPIIT).

 Share
EMAIL
PRINT
COMMENTS
Angel Tax Provisions For Start-Ups Removed: Nirmala Sitharaman

Angel tax has been a major issue among entrepreneurs and in the startup ecosystem


New Delhi: 

In a major relief to entrepreneurs and startups, Finance Minister Nirmala Sitharaman on Friday announced that the 'angel tax' provision will be withdrawn for startups and their investors.

Announcing measures to boost the subdued economy, the Finance Minister said that Section 56 2(b) of the Income Tax Act will not be applicable on startups registered under the Department for Promotion of Industry and Internal Trade (DPIIT).

Angel tax has been a major issue among entrepreneurs and in the startup ecosystem. Although the government announced some measures earlier, the startups were not satisfied and wanted a complete revocation of the tax liability.

Ms Sitharaman also announced several other measures to ease tax liabilities and address the ongoing concerns of tax harassment by officials.



Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................