120 startups get angel tax exemption from CBDT

As per news reports, the Central Board of Direct Taxes (CBDT) has given angel tax exemption to 120 startups. Reports say that these firms have been registered in the Startup India Action Plan and are also likely to get immunity from future tax demands under section 52 of the Income Tax Act.

It is also reported that about 166 start-up companies had applied for angel tax exemption in February this year, after the government had relaxed several norms on this front and out of which 120 start-ups have been exempted from paying angel tax.

In fact, as per the LocalCircles survey of more than 2,500 startups and entrepreneurs, about 73 percent of start-ups out of the 2500 surveyed start-ups had received at least one angel tax notice.

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