The 21st era is an amorphous zone of the internet. Day by day we are witnessing innovative startups with a passion to do something unique and bring revolution in the current market. Investors are also backing such passionate entrepreneurs by raising high fund. In the same move, the Government of India has also taken certain steps to relax startups from Angel Tax by reforming its norms.
According to the statement of Suresh Prabhu, Commerce Minister said, any startup shall be treated as startup up to 10 years from the date of registration or incorporation instead of the existing time period of seven years.
Prabhu took these steps after having a round table on February 4 under the chairmanship of DPIIT attended by a host of startups, other stakeholders and angel investors to discuss the new measures on the contentious angel tax issue.