Abolition of angel tax will boost startup ecosystem: CBDT chairman

The abolition of Angel tax for all classes of investors will act to “prompt” innovators and venture capitalists to better invest in startups and any instances of money laundering here will be taken care of by the existing legal mechanism, CBDT Chairman Ravi Agrawal said on Wednesday. He said the removal of this tax will act to boost the startup ecosystem in India. He would urge the community to “please come forward, please invest as the country is waiting for your investment, initiatives and innovations”, Agrawal told PTI in a post-Budget interview.