Modi government abolished this tax after 12 years
There has been a change in the new income tax regime in Budget 2024. Along with this, ‘Angel Tax’ has also been abolished.
There has been a change in the new income tax regime in Budget 2024. Along with this, ‘Angel Tax’ has also been abolished.
Its origin: Section 56(2)(viib) was inserted in 2012 by then finance minister Pranab Mukherjee under a series of measures titled “Measures to prevent generation and circulation of unaccounted money”. It applies to unlisted companies that issue securities at a premium to investors, when the price at which these are issued is higher than their “fair
India’s ‘angel tax’ has been an albatross around the neck of startups. Last week, as reported, the department for promotion of industry and internal trade proposed relieving new businesses of it. With the budget due on 23 July, will the finance ministry pay heed? Starting 2023-24, it had enlarged the scope of this tax to