Anurag Jain reiterated that startups recognised by the DPIIT are out of the purview of the Angel Tax
Angel Tax, a tax that unlisted startups are required to pay on the capital they raise through the issue of shares, was reintroduced in Finance Bill 2023
While funding raised by Indian startups declined in 2022 compared to 2021, the fall was less pronounced than in countries like China and the US: Jain
The Angel Tax provision in the Finance Bill will not impact startups, Anurag Jain, secretary in the Department for Promotion of Industry and Internal Trade (DPIIT), reiterated on Tuesday (February 21).
“Let me put one thing very clearly. It does not affect startups in the least,” Jain said while addressing the PE-VC industry at the IVCA Conclave 2023 in Mumbai. “…there is a clear proviso which clearly brings out that it does not affect the startups.”
As per Jain, startups recognise
