{"id":836812,"date":"2024-07-24T10:28:59","date_gmt":"2024-07-24T04:58:59","guid":{"rendered":"https:\/\/telecomlive.in\/web\/?p=836812"},"modified":"2024-07-24T10:28:59","modified_gmt":"2024-07-24T04:58:59","slug":"budget-2024-centre-abolishes-angel-tax-in-a-major-boost-for-startup-ecosystem","status":"publish","type":"post","link":"https:\/\/telecomlive.in\/web\/2024\/07\/24\/budget-2024-centre-abolishes-angel-tax-in-a-major-boost-for-startup-ecosystem\/","title":{"rendered":"Budget 2024: Centre abolishes angel tax in a major boost for startup ecosystem"},"content":{"rendered":"<p>Venture investors hailed the proposed abolition of the decade-old angel tax as \u201ca huge reform\u201d announced by Finance Minister Nirmala Sitharaman in the Union Budget for 2024-25.<\/p>\n<p>First introduced in 2012, by then finance minister Pranab Mukherjee, Section 56 (2) (viib) of the Income Tax Act&#8211; known as angel tax&#8211; is applicable on any amount received by a privately held company against sale of its shares at a price higher than its fair market value. The differential amount is treated as income and taxed at a rate of around 31%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Venture investors hailed the proposed abolition of the decade-old angel tax as \u201ca huge reform\u201d announced by Finance Minister Nirmala Sitharaman in the Union Budget for 2024-25. First introduced in 2012, by then finance minister Pranab Mukherjee, Section 56 (2) (viib) of the Income Tax Act&#8211; known as angel tax&#8211; is applicable on any amount received by a privately held company against sale of its shares at a price higher than its fair market value. The differential amount is treated as income and taxed at a rate of around 31%.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[59,4,10],"tags":[],"class_list":["post-836812","post","type-post","status-publish","format-standard","hentry","category-it-2-the-economic-times","category-newspapers","category-the-economic-times"],"acf":[],"_links":{"self":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/836812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/comments?post=836812"}],"version-history":[{"count":0,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/836812\/revisions"}],"wp:attachment":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/media?parent=836812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/categories?post=836812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/tags?post=836812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}