Wonderful News For Start-Ups: India Abolishes Angel Tax

Good relief as the government will do away with the angel tax, announced Finance Minister Nirmala Sitharaman on Tuesday, 23rd July, 2024.

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In fact, the government had earlier even mooted bringing foreign investments under the ambit of this tax, whereby any excess premium would have been deemed as “income from sources”

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One of the prolific angel investors who also run a micro-VC firm, stated that the very basic idea behind the abolition of angel tax is to give a positive fillip to the startup ecosystem in India.

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K Ganesh, serial entrepreneur and an investor in several unicorns and startups, just expressed his relief through social media at this abolishment, a move he called long due.

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