While this issue has been raised by startups before, the government's response hasn't exactly been reassuring even though it had previously signalled more flexibility for angel and investments. In 2019, the Indian government said in Parliament that angel investments are exempted from taxation under the Income Tax Act, 1961. "Startups receiving investments from Ventures Capital Fund are exempt from taxation as per provision of Section 56, (2) (vii b) of Income Tax Act 1961. Angel Fund is sub category of Ventures Capital Fund under Category-I Alternative Investment Fund (AIF), hence, [it is] eligible for the same exemption," Minister of Commerce and Industry Piyush Goyal said in a written reply. But as one angel investor recently found out, a quirk in the law means that if companies want to avail of this exemption, they must give up a lot of ways…
- PrivacyNama 2022 Workshop: Privacy Preserving Advertising; October 11 October 7, 2022
- IRDAI Approves ‘Amazon-like’ Intermediary For Selling Insurance Products: Benefits and Concerns October 7, 2022
- Will Google offer its free VPN service on Pixel phones in India? October 7, 2022
- Tesla CEO Elon Musk will buy Twitter for $44 billion after all October 6, 2022
- Jio and Airtel showcase their surveillance systems at the India Mobile Congress 2022 October 6, 2022
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