New Delhi: Finance Minister Nirmala Sitharaman on Tuesday announced abolishing angel tax for all classes of investors in startups.
In her Budget speech, she also announced various changes with respect to tax rates for e-commerce players and certain financial instruments in the context of long-term capital gains.
“First of all, to bolster the Indian startup eco-system, boost the entrepreneurial spirit and support innovation, I propose to abolish the so-called angel tax for all classes of investors,” she said.
Sitharaman also proposed to thoroughly simplify the I-T provisions for reopening and reassessment to reduce uncertainty and disputes.
“An assessment hereinafter can be reopened beyond three years from the end of the assessment year only if the escaped income is Rs 50 lakh or more, up to a maximum period of five years from the end of the assessment year.
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