Angel tax issue: DIPP to hold discussions with start-ups on 4 Feb
5 years, 11 months ago

Angel tax issue: DIPP to hold discussions with start-ups on 4 Feb

Live Mint  

The Department of Industrial Policy and Promotion will hold discussions with different stakeholders, including start-ups and angel investors, on the taxation issue being faced by the budding entrepreneurs on 4 February, an official said. "A roundtable is being organised with start-ups, angel investors and other stakeholders to discuss the new measures undertaken to address the angel tax issue and understand the mechanism to address them," the official added. DIPP, under the commerce and industry ministry, has also sought views from stakeholders for better implementation of the recently announced procedure for start-ups to seek angel tax exemption. On 16 January, the government eased the procedure for seeking income tax exemption by start-ups on investments from angel funds and prescribed a 45-day deadline for a decision on such applications.

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History of this topic

Centre scraps angel tax on foreign investments
5 months, 2 weeks ago

Centre scraps angel tax on foreign investments

The Hindu  

In a major respite to India’s fledgling start-ups, Finance Minister Nirmala Sitharaman announced scrapping of the contentious angel tax on foreign investments received by such enterprises, a development that is expected to ease their funding woes. Angel tax was originally introduced in 2012 to curb possible money laundering by foreign participants, by investing in overvalued unlisted firms. “This decision is …

What is 'Angel tax' that was scrapped in Budget 2024
5 months, 2 weeks ago

What is 'Angel tax' that was scrapped in Budget 2024

India Today  

Finance Minister Nirmala Sitharman on Tuesday scrapped the angel tax in a bid to strengthen the startup ecosystem and to support innovation in the country. "Government abolishes Angel tax for all classes of investors in startups," said the finance minister, highlighting the government's commitment to supporting new businesses. Key issues with the angel tax included its impact on the valuation …

Budget 2024: Nasscom urges govt to set up group to study impact of angel tax
6 months, 2 weeks ago

Budget 2024: Nasscom urges govt to set up group to study impact of angel tax

New Indian Express  

BENGALURU: National Association of Software and Service Companies has said the government should set up a group comprising officials from the CBDT, MCA, DPIIT, SEBI, RBI and industry to study the impact of 12 years of implementation of the angel tax and suggest the way forward. In its pre-budget memorandum 2024-25, the Nasscom, which represents the country’s technology industry, pointed …

Budget 2024: Nasscom recommends government to set up group to study impact of angel tax
6 months, 2 weeks ago

Budget 2024: Nasscom recommends government to set up group to study impact of angel tax

New Indian Express  

BENGALURU: Nasscom has said that the government should set up a group comprising officials from the CBDT, MCA, DPIIT, SEBI, RBI and industry to study the impact of 12 years of implementation of the angel tax and suggest the way forward. In its pre-budget memorandum 2024-25, the Nasscom, which represents the country's technology industry, pointed out various issues in the …

DPPIT Recognized Start-Ups Not to Face Verification On Account Of Angel Taxation: CBDT
1 year, 2 months ago

DPPIT Recognized Start-Ups Not to Face Verification On Account Of Angel Taxation: CBDT

Live Law  

The Central Board of Direct Taxes has notified that the Department for Promotion of Industry and Internal Trade recognized start-ups will not face verification on account of angel taxation.When an unlisted company sells shares to a buyer for more than their fair market worth, angel tax, which is income tax at a rate of 30.6%, is assessed. The Central Board …

I-T Dept To Come Up With Angel Tax Rules Addressing Start-Ups Concerns Before April 30: Report
1 year, 8 months ago

I-T Dept To Come Up With Angel Tax Rules Addressing Start-Ups Concerns Before April 30: Report

ABP News  

The Income Tax Department is expected to come out with a detailed circular addressing various concerns related to angel tax on start-ups, in the next two-to-three days, according to a report by The Hindu Business Line. The minister of state for electronics and information technology Rajeev Chandrasekhar had, earlier said that the angel tax was an "aberration" and reforms were …

Opinion | The decline of tax demons and the ascent of angels
5 years, 4 months ago

Opinion | The decline of tax demons and the ascent of angels

Live Mint  

On 23 August 2019, finance minister Nirmala Sitharaman, while announcing the non-applicability of Section 56 of the Income Tax Act, 1961, popularly referred to as “angel tax” on startups registered with department for promotion of industry and internal trade, reassured entrepreneurs that the government was already sensitized to the importance of the startup ecosystem and was taking all possible steps …

CBDT's procedure for pending angel tax assessment cases to provide safeguard to start-ups, say experts
5 years, 4 months ago

CBDT's procedure for pending angel tax assessment cases to provide safeguard to start-ups, say experts

Firstpost  

The board has also issued a circular to provide relief to start-ups which are undergoing assessment proceedings with respect to angel tax issue New Delhi: The government’s recent decision to give relief to start-ups on the assessment of angel tax notices would provide a safeguard to them and promote their growth, according to experts. The Central Board for Direct Taxes’ …

Government extends relief to startups, simplifies the process of angel tax assessment
5 years, 4 months ago

Government extends relief to startups, simplifies the process of angel tax assessment

Op India  

In a major relief to startups, the Narendra Modi government has decided to simplify the angel-tax assessment process under which any action against startups will be taken only after approval of a supervisory officer. In such cases where scrutiny assessments of startup entities are pending, the CBDT has decided that the contention of the assessee will be summarily accepted whose …

CBDT extends angel tax relief to startups facing tax demands
5 years, 4 months ago

CBDT extends angel tax relief to startups facing tax demands

Live Mint  

New Delhi: The government has exempted all registered startups that have received tax demand notices for selling shares at a premium from an anti-evasion provision in the Income Tax Act known as ‘angel tax.’ The move seeks to ensure that genuine entrepreneurs are not affected by the provision that allows the government to demand tax on share premium, treating it …

Relief for startups: CBDT lays out procedure for pending angel tax assessment cases
5 years, 5 months ago

Relief for startups: CBDT lays out procedure for pending angel tax assessment cases

Firstpost  

New Delhi: Giving a relief to startups, the government has laid out a procedure to address pending angel tax assessments under which action would be taken only after approval of a supervisory officer. Similarly, it said the applicability of angel tax would not be pursued during the assessment proceedings and “inquiry or verification with regard to other issues in such …

Budget 2019: Startups and investors can do away with ‘Angel Tax’ by filing requisite declarations
5 years, 6 months ago

Budget 2019: Startups and investors can do away with ‘Angel Tax’ by filing requisite declarations

Op India  

In a major relief for the budding entrepreneurs and investors, the finance minister Nirmala Sitharaman during her Budget 2019 speech announced exemption of scrutiny for Angel tax for Startups and investors who have filed their returns. Finance Minister N Sitharaman said, “To resolve angel tax issue, startups who file requisite declarations will not be subjected to scrutiny in valuation.” To …

Budget 2019-20: Expect status quo on angel tax for startups
5 years, 6 months ago

Budget 2019-20: Expect status quo on angel tax for startups

India TV News  

The Union Budget on July 5 was likely to maintain a status quo on angel tax for startups, sources said and added the problematic issues were taken care of in February this year. Section 56 of the Act has come to be known as angel tax as wealthy individuals or angel investors putting their capital in startups face scrutiny. To …

Budget may keep Status quo on angel tax for startups
5 years, 6 months ago

Budget may keep Status quo on angel tax for startups

The Quint  

New Delhi, June 25 The Union Budget on July 5 was likely to maintain a status quo on angel tax for startups, sources said and added the problematic issues were taken care of in February this year. Section 56 of the Act has come to be known as angel tax as wealthy individuals or angel investors putting their capital in …

Congress to give 3-year blanket pass to new ventures, abolish angel tax: Rahul Gandhi
5 years, 9 months ago

Congress to give 3-year blanket pass to new ventures, abolish angel tax: Rahul Gandhi

Hindustan Times  

Unveiling his economic agenda, Congress President Rahul Gandhi Thursday said if voted to power his party will cut red tape for businesses, exempt new enterprises from seeking any permission in first three years, make it easier to get bank loans and scrap angel tax on start-ups. Congress to give 3-year blanket pass to new ventures, abolish angel tax: Rahul Gandhi …

CBDT notifies relaxed norms for start-ups
5 years, 10 months ago

CBDT notifies relaxed norms for start-ups

Live Mint  

New Delhi: The Income Tax Department has notified the modified norms for start-ups to enable them to seek 'angel tax' exemption for investments of up to ₹25 crore. The DPIIT, under the commerce and industry ministry, on 19 February raised the investment limit for 'angel tax' exemption to ₹25 crore and extended the period of availing benefits to 10 years …

Govt may exempt DPIIT-certified startups from angel tax; likely to raise investment limit to Rs 25-40 crore
5 years, 10 months ago

Govt may exempt DPIIT-certified startups from angel tax; likely to raise investment limit to Rs 25-40 crore

Firstpost  

The consideration assumes significance as several startups have claimed to receive angel tax notices, impacting their businesses. New Delhi: The government is considering giving complete exemption to startups from angel tax once they are certified by the Commerce and Industry Ministry, a move aimed at helping budding entrepreneurs, official sources said. Giving relief to budding entrepreneurs last year, the government …

I-T Department to soon decide on startups to be exempted from angel tax; multilayer checking system in place to find eligible firms
5 years, 11 months ago

I-T Department to soon decide on startups to be exempted from angel tax; multilayer checking system in place to find eligible firms

Firstpost  

Last month, the government eased the procedure for seeking income tax exemption by startups on investments from angel funds and prescribed a 45-day deadline for a decision on such applications. New Delhi: The Income Tax Department will soon decide on the kind of startups that can be exempted from angel tax, a top official said on Thursday. Central Board of …

Govt to form working group to resolve angel tax issue of startups
5 years, 11 months ago

Govt to form working group to resolve angel tax issue of startups

Live Mint  

The government has decided to form a small working group to look into the issue of angel tax being faced by startups and come out with a workable solution in 4-5 days, a top official said Monday. CBDT member Akhilesh Ranjan, who attended the meeting said, investors, entrepreneurs and founders have raised this issue and they were explained why this …

Fiscal incentives for IT, startups
5 years, 11 months ago

Fiscal incentives for IT, startups

Deccan Chronicle  

The Budget that will be presented on February 1, 2019 will have to factor the forthcoming general elections and I therefore expect it to be populist in nature. Last year’s Rs 2,000 crore allocation for the Pradhan Mantri Jan Arogya Yojana is grossly inadequate, and needs to be raised to at least '10,000 crore in order to provide cashless health …

Angel tax exemption for startups: DIPP invites views from stakeholders for better implementation of procedure
5 years, 11 months ago

Angel tax exemption for startups: DIPP invites views from stakeholders for better implementation of procedure

Firstpost  

On 16 January, the government eased the procedure for seeking income tax exemption by startups on investments from angel funds and prescribed a 45-day deadline for a decision on such applications. New Delhi: The Department of Industrial Policy and Promotion on Thursday sought views from stakeholders for better implementation of the recently announced procedure for startups to seek angel tax …

New “Angel Tax” Exemption Rule Does Nothing to Comfort Start-Ups
5 years, 11 months ago

New “Angel Tax” Exemption Rule Does Nothing to Comfort Start-Ups

The Quint  

Start-ups are in distress and many feel victimised mainly due to the subjectivity, cost and arbitrariness involved in the implementation of this anti-evasionary measure which treats every assessee as guilty until proven innocent. This desperate plea by 68 start-ups in a letter to Prime Minister Narendra Modi on 15 January not only illustrates the distress caused by ‘angel tax’, but …

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