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.

Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said they have received several suggestions from startups on exempting them from angel tax. "Very shortly we will find out a solution on the basis of the suggestions we have received. We will have to decide which startups are real startups and how they can be exempted from Section 56(2) of Income Tax Act," he said.

New Delhi, Feb 7 () The Income Tax Department will soon decide on the kind of startups that can be exempted from angel tax, a top official said Thursday.

New Delhi, Dec 19 () The commerce and industry ministry has taken up the issue of 'angel tax' notices being sent to startups with the finance ministry, Union Minister Suresh Prabhu has said.

The threat of foreign incorporation comes even as the rechristened DPIIT (department for promotion of industry and internal trade) and CBDT are expected to finalise measures this week to resolve the tax issue. At least 120 startups have got orders to make tax payments on the valuation premium in the investment received for expanding their business.

New Delhi, Jan 24 () The Department of Industrial Policy and Promotion (DIPP) Thursday sought views from stakeholders for better implementation of the recently announced procedure for startups to seek angel tax exemption.

“angel tax” is levied in cases where angel investors invest in startups at a hefty premium over the book value of shares. In the past, the authorities had questioned the premium that was being paid. This was being done under Section 56(2) (vii b) of the Income Tax Act, which is an anti-abuse provision to crack down against shell companies, which have little business but are used to launder money typically by issuing shares at a premium.

In the Union Budget 2024-25, Finance Minister Nirmala Sitharaman abolished the angel tax to aid startups amid a funding slump. The 'eligible startup' definition expanded; DPIIT recognises 1,17,000 startups with turnover limits. 2023 funding dropped to $8.8 billion from $25 billion in 2022, with only two new unicorns emerging. India's startup ecosystem is the world's third largest.