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Angel Tax: Genuine startups won't face tax issues, says Piyush Goyal

Updated : February 12, 2019 08:39 AM IST

Finance minister Piyush Goyal on Monday said there is no angel tax being levied on startups and genuine entities will not face any tax difficulty. The government is considering giving complete exemption to startups from angel tax once they are certified by the Commerce and Industry Ministry, a move aimed at helping budding entrepreneurs, official sources said.

The consideration assumes significance as several startups have claimed to receive angel tax notices, impacting their businesses.

Various startups have raised concerns on notices sent to them under the section 56 of Income Tax Act to pay taxes on angel funds received by them.
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