Government Relaxes Angel Tax Norms For Start-ups From 7 Years To 10 Years

The Ministry of Commerce and Industry in an attempt to provide relief to and boost investments into start-ups in India has decided to simplify the process for them to get exemptions under the Income Tax Act, 1961.

It will now recognize an entity as a start-up up to 10 years from the date of its incorporation or registration instead of the existing duration of 7 years. It will also recognize an entity as a start-up if its turnover for any of the financial years since its incorporation or registration does not exceed Rs 100 crore unlike the previous amount of Rs 25 crore.

Source: Money Control

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