‘Angel Tax’ provisions in Finance Bill will not impact startups: DPIIT Secy

The ‘angel tax’ provision in the Finance Bill will not impact startups in India, a senior government official said on Tuesday.

Startups which are registered with the Department for Promotion of Industry and Internal Trade do not come under the purview, Anurag Jain, the secretary in the department said while speaking at the Indian Venture and Alternate Capital Association (IVCA) Conclave here.

“Let me put one thing very clearly. It doesn’t affect startups in the least,” he said, addressing the audience at the event organized by the venture capital industry lobby grouping.