Angel tax to not impact govt-recognised startups: DPIIT Secy

The angel tax provision in the Finance Bill will not impact startups in India, Promotion of Industry and Internal Trade (DPIIT) Secretary Anurag Jain said. He said there is a 'clear provision' which says DPIIT-recognised startups are out of the proposal's purview. The angel tax is charged on amounts raised by startups in excess of their fair market value.