Top venture capital (VC) investors and start-ups have welcomed the government’s proposal to make changes to angel tax rules. They said the move is expected to help start-ups deal with the current funding winter.
The government also notified foreign entities that they would be exempt from tax provisions. These entities include government and government-related investors such as central banks, sovereign wealth funds, international or multilateral organisations, and agencies, including entities controlled by the government or where direct or indirect ownership of the government is 75 per cent or more.
Karthik Reddy, managing partner of Blume Ventures and chairperson of the Indian Venture and Alternate Capital Association, said that the notification from the Central Board of Direct Taxes (CBDT) and the Ministry of Finance has been well received by the private equity and VC industries as it provides greater clarity to Indian start-ups and inve
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