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Budget 2024: Govt Abolishes 'Angel Tax' | Who Will Benefit & How | TOI Explains | Watch
| Jul 23, 2024, 06:26:24 PM | TOI.in
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The Indian government has abolished the controversial angel tax, as announced by Finance Minister Nirmala Sitharaman in the Lok Sabha. This tax was levied on funds raised by startups from angel investors if the amount exceeded the fair market value of the shares issued. Intended to prevent money laundering, it also complicated fundraising for startups. Its removal is expected to ease financial burdens, streamline the fundraising process, attract more investment, and boost the Indian startup ecosystem.
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