The government is set to announce a blanket exemption from angel tax for all start-ups that are recognized by the Department for Promotion of Industry and Internal Trade or DPIIT, the government body which addresses concerns of start-ups, sources have told NDTV. A notification to this effect could be issues as early as Monday. The exemption will apply to all start-ups with total investment not exceeding Rs. 25 crore, sources said, adding that a company will be classified as a start-up up till 10 years, instead of the earlier recognized seven.
