Angel Tax Provisions For Start-Ups Removed, Says Finance Minister

Finance Minister Nirmala Sitharaman today made a number of announcements to revive economic growth as the country faces a slowdown. At a press brief, she said India's growth rate is "higher than everybody else" and "more than US and China. Ms Sitharaman also said that the government has kept reform on top of the agenda since 2014. "Angel Tax for startups dropped; Section 56(2) (viib) shall not be applicable to startups registered under DPIIT. To mitigate genuine difficulties of startups, the Centre will set up cell led by member of CBDT for addressing problems of startups. Startups with an I-T issue can approach this panel" she said.