
Angel Tax: Experts say most startups unlikely to benefit from new rules
Only a small universe of Indian startups stand to benefit from the recent tax notification issued by the CBDT, says Deloitte India partner Russell Gaitonde
Only a small universe of Indian startups stand to benefit from the recent tax notification issued by the CBDT, says Deloitte India partner Russell Gaitonde
Economies like the US, the UK, Germany and France included in the list; Singapore, Netherlands and Mauritius kept out
The dreaded angel tax, levied on capital raised by unlisted companies, is now not applicable for startups registered with the DPIIT.
Most Indians have always been afraid that the vagaries of the state could ruin them at will. Narendra Modi is trying to create the unafraid Indian, and the government as a simple service provider.
The announcement of doing away with angel tax scrutiny for those who file all requisite declarations is a step in the right direction, say startup founders.
Startup investors and founders expect the NDA government’s startup policies such as Startup India and Digital India to continue unabated. However, clarity on angel tax is still needed.
The definition of startups has been widened, union minister Suresh Prabhu said on Twitter.
Here’s what the Biocon MD and chairperson expects from the interim Budget 2019.