Relief to start up: Latest changes in angel (startup) tax notified on 16th Jan 2019

Relief to start up: Latest changes in angel (startup) tax notified on 16th Jan 2019

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Relief to start up: Latest changes in angel (startup) tax notified on 16th Jan 2019 are compiled as under: 
 
1. Exemption applicable to past and future investments in start up.
 
2.  Startups and investors need to make an application via DIPP, CBDT will issue exemption certificate within 45 days.
 
3. Fair market valuation certificate from merchant banker is not require, inter-ministerial board approval also not require.
 
4. Startups with paid up share capital and share premium does not exceed ₹10 crore after the proposed issue of shares, are eligible for angel tax exemption.
 
5. Angel investors are  required to file income tax return of at least ₹ 50 lakh for the year preceding the investment year.
 
6. Investor’s net worth should be minimum of  ₹2 crores.
 
7. If assessment order passed by AO then no application can be made.

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