Synopsis
Experts say there is no relief for those startups that have already been served notices. They must appeal in courts or the tax tribunal. The number of such startups would be more than 3,000.
The sword of the so called ‘angel tax’ is still hanging over many Indian startups. The abolition of the tax that treated investment into a startup as income takes effect from April 1, 2024. This means transactions that took place before this date would still be subject to scrutiny for violating Section 56 (2)(viib) of the Income Tax Act. Industry bodies like Indian Venture and Alternate Capital Association (IVCA) have been pushing for the
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