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Jan 17, 2019
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Angel Tax: A third of start-ups got tax notices in 2018
Over 38% of the start-ups in the country — 39,000 at last count — have received one or more ‘angel tax’ notices in 2018, causing critical capital infusion in these firms at the seed stage to go down by 21% year-on-year. This was highlighted by iSPIRT, a think-tank for the Indian software products industry, in a recent letter to Prime Minister Narendra Modi seeking his immediate intervention to halt these tax notices. The Start-up India movement is under serious threat and will slide further if immediate structural policy measures are not taken to halt the tax notices, Nakul Saxena of iSPIRT wrote.
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