Great news for Government-recognised start-ups in India

NDTV

To do a job or not to do a job: this is a decision that one often has to take in the journey toward realizing one’s dreams. Right? And when one’s progressing in that direction, sooner or later, there emerges the thought about entrepreneurship; whether one should move toward that direction or no. And if yes, then when?

Well truth be told, there cannot be anything more satisfying than being an entrepreneur, especially in today’s day and age, isn’t it? In a country that is constantly rising in this sphere, with the government putting all its energies behind the will and passion of its budding(or rising) entrepreneurs, this is, one might say, a great time to find oneself in India.

No?

But having said that, there does exist a fair share of problems or issues as one might say in the sphere of entrepreneurship. Nothing’s ever easy anyways. And to that regard, it must be asked, can things ever be easy when one’s pushing and pulling through in the testing waters of entrepreneurship in the world’s largest democracy, especially amid a time where there’s incessant competition?

To say that many a startup is founded on a shoestring budget would be to say the needless, rather the mundane. But to suggest that that is the only problem in the journey of a start-up would be to state the obvious. And that’s a fact for there are a string of other concerns such as paying the Angel Tax. Ever heard that one?

Well, from now onward and going forward, there’s a great piece of news for the government-recognized startups in India. Do you know what that is?

Now, in order to be exempted from angel tax, the start-ups will have to submit self-certified declaration along with audited financials and Income Tax returns of the previous year, sources said.

Revered news platform, NDTV shared the following in regards to the government-related startups and the benefits that the new exemption is slated to bring to the same. That said, kindly make time to note the following:

The government is set to announce a blanket exemption from angel tax for all start-ups that are recognized by the Department for Promotion of Industry and Internal Trade or DPIIT, the government body which addresses concerns of start-ups, sources have told NDTV. A notification to this effect could be issued as early as Monday.

The exemption will apply to all start-ups with a total investment not exceeding Rs. 25 crore, sources said, adding that a company will be classified as a start-up up till 10 years, instead of the earlier recognized seven.

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