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Angel tax will not be levied on DPIIT registered startups: Nirmala Sitharaman

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Angel tax will not be levied for start-ups registered with DPIIT, Finance Minister Nirmala Sitharaman announced on August 23. She also said that a dedicated cell led by members of Central Board of Direct Taxes (CBDT) will be set up for addressing the income tax-related problems faced by start-ups. The government also withdrew enhanced surcharge on foreign portfolio investors (FPIs) that was levied during Union Budget 2019. Angel tax was introduced in 2012 by the then Finance Minister Pranab Mukherjee to restrict money laundering of the funds under Section 56(2)(viib) of the Income Tax Act, 1961. It is the income tax payable on capital raised by privately held companies when the share price offered seemingly exceeds the fair market value of the shares. Such premium is considered to be the income of the company and is thus taxable under the section.…

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