Angel Tax: What Do the New Norms Mean? | Startup Central | ET Now
The Income Tax Department has notified new angel tax rules that comprise a mechanism to evaluate the shares issued by unlisted startups to investors. Angel tax - a tax levied on capital received on the sale of shares of a startup above the fair market value - previously applied only to local investors, the Budget for the 2023-24 widened its ambit to include foreign investments. The Central Board of Direct Taxes (CBDT) has recently spelled out the valuation methodology. The new rules are aimed at bridging the gap between the rules outlined in FEMA and the income tax. Listen in to a conversation Avanne Dubash had with Aliff Fazelbhoy, Senior Partner, ALMT Legal who talks about what the move means.
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