19 June 2024 Punjab Khabarnama : Amid a sharp decline in funding for startups and consequent job losses, Indian Inc has sought the removal of Angel Tax that has been a subject of heated debate between the industry and the government ever since the scope of the controversial tax was expanded in the Finance Bill 2023.
The Confederation of Indian Industry (CII) in its Union Budget recommendation on Tuesday suggested the removal of Section 56(2)(viib) of the Income-tax Act colloquially known as the ‘Angel Tax’ stating that the step “would greatly aid capital formation in the country”.