On Monday a committee of 5 members has been set up by the government to look into the Angel Tax issue come up with guidelines in one week.
Department of Industrial Policy and Promotion (DIPP) on 16th January 2019 issued a notification, which exempt the Startups from Angel tax. Few conditions were laid down in notification. Though it is not possible to meet specified condition as mention in my earlier post
Now Investor needs to have sufficient income and net worth to get exemption for Angel Tax.
Official said that Angel tax can’t be scrapped because it increase the money laundering. However they agreed to reconsider the Size of Startups, Investors and duration of its operations.
What is Angel Tax?
When unlisted company issue shares over and above its fair market price, then Price collected above fair market are taxed under the Income Tax Act.
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