Angel Tax
- On July 23rd, 2024, Union Finance Minister announced that the “angel tax” will be scrapped.
- The idea of angel tax was first introduced in the 2012 Union Budget by then Finance Minister Pranab Mukherjee.
- Angel Tax, formally known as Section 56 (2) (vii b) of the Income Tax Act, is the tax imposed on funds raised by startups from angel investors. However, this applies only to funds that exceed the fair market value of the company.
- The primary objective was to check money laundering practices through investments in startups and catch bogus firms after advent of such ....
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