Angel Tax Abolition Sparks Optimism Among Startups
On Tuesday, the government announced the abolition of the angel tax, a move that has delighted the startup industry. This tax was imposed on funding when the valuation of the startups exceeded the fair market value.
It has been a contentious issue for the industry. Its removal fulfils a longstanding demand.
On this, Dr. Saurabh Srivastava, Co-founder, IAN Group (formerly Indian Angel Network), said, “the ecosystem will now see explosive growth, moving from a hundred thousand to a million startups in the next five years.”
IAN Group co-founders Dr. Saurabh Srivastava and Padmaja Ruparel have been advocating for the removal of the angel tax from day one. IAN Group congratulates the Finance Ministry for the Union Budget 2024, which addresses several concerns of startups and investors.
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