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The Modi-led government on Wednesday came out with a new procedure for ‘angel tax’ exemption, bringing relief to the harried ‘start-ups’ in the country and providing the much-needed impetus to the start-up ecosystem.
Under the new procedure, issued by the DIPP, start-ups that have already issued or propose to issue shares (so that paid-up capital and premium after the proposed issue of shares) that do not exceed ₹10 crore will have to make application to the DIPP in a new form (Form-2).
The Department of Industrial Policy and Promotion will transmit the application of the recognised start-up to the CBDT, which will have 45 days to grant ‘angel tax’ exemption or reject the application. The government is also understood to have now done away with the earlier process requiring the Inter- Ministerial Board’s approval for recognition of start-ups for the purposes of tax exemption, it is learnt. The Indian Private Equity and Venture Capital Association welcomed the move.
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