Angel tax was on investments, such inflows should not be taxed: DPIIT Secy

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Angel tax was on investments, such inflows should not be taxed: DPIIT Secy - Business Standard

Quick Summary:

Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said the decision will help in attracting foreign investments, promoting innovation and further strengthening the startup ecosystem of the country, which is the third largest in the world.

Removal of the Angel tax for startups was a long pending issue as this levy was on investment coming into the country and such overseas inflows should not be taxed, a top government official said.

Giving a big relief to startups, the government on Tuesday announced removal of angel tax for all classes of investors.