The abolition of the 𝐀𝐧𝐠𝐞𝐥 𝐓𝐚𝐱 in the recent Budget 2024 presentation by Finance Minister Nirmala Sitharaman!

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The Indian government has officially announced the abolition of the 𝐀𝐧𝐠𝐞𝐥 𝐓𝐚𝐱 in the recent Budget 2024 presentation by Finance Minister Nirmala Sitharaman! 

What Does This Mean?

The 𝐀𝐧𝐠𝐞𝐥 𝐓𝐚𝐱 , which imposed a tax on the excess amount raised by unlisted companies over the fair market value of their shares, has long been viewed as a barrier to startup funding. By removing this tax, The Indian Government is taking a significant step towards empowering our vibrant startup community.

Key Highlights:

★ Immediate Relief: Startups can now focus on growth and innovation without the looming burden of a 30% tax on investor premiums.

★ Effective Date: The changes will take effect from April 1, 2025, allowing time for adjustment.

★ Positive Outlook: Experts predict that this move could increase the number of startups in India from 100,000 to 1 million in the next five years! 📈

This decision reflects a strong commitment to fostering a more conducive environment for entrepreneurship in India.