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The Nasscom, TiE Global, Indian Private Equity & Venture Capital Association, and Indian Angel Network fabricated a collective address to the government to provide abatement for startups on angel tax provisions. The organisations apery the interests of Indian startups fabricated it bright that there was no systemic annoyance due to investments fabricated by the angel community.
Four arch industry bodies, including the Nasscom and TiE Global, accept fabricated an burning address to Finance Minister Arun Jaitley and Union Commerce Minister Suresh Prabhu to lift the accountability of angel tax accoutrement on Indian startups and abate it altogether.
In a collective letter addressed to the ministers, the Nasscom, TiE, Indian Private Equity & Venture Capital Association, and the Indian Angel Network, approved “urgent action to abate the tax which is based on bald suspicion that angel investors are advance their bearding income. There is no empiric affirmation to appearance that there exists any systemic annoyance in this regard.”
The startup community is currently disturbing with the affair of angel tax, a accouterment of Section 56(2)(viib) of the Indian Assets Tax act, beneath which the assets tax administration has beatific academic notices to several startups analytic their appraisal alignment and ambitious taxes be paid on the funds they had raised.
Coalition of industry & ambitious organizations accomplish submissions to Shri. @arunjaitley and Shri. @sureshpprabhu on afflictive Angel Tax issues faced by India’s startups. Media Ravi Gururaj (@ravigururaj) January 9, 2019
The collective letter by the industry bodies added stated,
“If there is any broker who cannot explain the antecedent of investment, we advance by all agency go afterwards that broker but audacious every broker is advantageous exceptional or accepting abatement should not be accounted bent and be penalised.”
Last month, the Administration of Automated Policy and Promotion (DIPP) said, it, in appointment with the Administration of Revenue (DoR), had put in abode a apparatus back April 2018 to admission absolution from the accoutrement of Section 56(2)(viib) of the Assets Tax Act to 18-carat investors in recognised startups.
At the time, the DIPP additionally said it has afresh taken up this amount of affair of IT notices to startups with the DoR so that there is no aggravation of angel investors or startups. But admitting these assurances from the government, several startups already afresh accustomed academic notices from the tax administration backward aftermost year.
In their collective letter to the ministers, the affiliation of automated and ambitious organisations wrote that the angel tax affair has put a dampener on the startup India action of the government. They said,
“Unfortunately, the (Start up India, angle up India) programme has run into astringent accomplishing botheration abnormally due to ‘Angel Tax’ imposed by Section 56 of the Assets Tax Act, 1956. It penalises angel investors and the start-ups artlessly because premium is paid or abatement accustomed on the auction or acquirement of share. Nowhere in the apple does such accouterment exist.”
The signatories of the collective letter, which was anachronous January 7, included Nasscom President Debjani Ghosh, TiE Delhi President Rajan Anandan, IAN Co-founder Padmaja Ruparel, and TiE Bangalore President Ravi Gururaj. In addition, there were additionally signatories from assembly of angel groups from Mumbai, Rajasthan, and Chennai.