angel tax

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A notification regarding simplifying the process for startups to get exemptions on investments under section 56(2)(viib) of Income Tax Act, 1961, will be issued shortly. The definition of startups has been enhanced to an entity which has been in operation for up to ten years from its date of incorporation or registration, instead of the current seven years.

The Indian government has released the final rules for angel tax, which levies a 30.6% tax on unlisted companies that issue shares at a price higher than their fair market value. The new rules expand the valuation methodology for startups and include five additional methods for foreign investors. The move is expected to ease concerns among foreign investors and make the startup sector more attractive for funding.

Commonly known as ‘angel tax’, the issue gained ground once again in December last year when the tax department started sending notices and orders to several startups demanding payouts. Startups that have got only tax notices are fewer, pegged at around 2,000, and can get relief under the new norms.

"The ministry is taking all steps to promote and strengthen the start-up ecosystem in the country. A total of 381 start-ups gave undertaking that they should be exempted from angel tax and out of that, 342 have received intimation from CBDT (Central Board of Direct Taxes)," the government official said.

Startups which are registered with the department for promotion of industry and internal trade do not come under the purview, Anurag Jain, the secretary in the department said while speaking at the Indian Venture and Alternate Capital Association (IVCA) Conclave here.

New Delhi, Feb 11 () 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.

Finance minister Nirmala Sitharaman on Friday proposed a series of steps to remove angel tax woes of start-ups and relaxation from income-tax scrutiny. In her maiden budget, the finance minister noted that start-ups in India are taking firm roots and their growth needs to be encouraged.