Budget 2024: Good News for Start-Ups as Nirmala Sitharaman Scraps Angel Tax. Here's What It Means

Finance Minister Nirmala Sitharaman on Tuesday brought cheer for start-ups as she abolished angel tax in the Union Budget 2024-25 for all classes of investors. Check what Raghunandan Saraf, Founder & CEO of Saraf Furniture, said the move would take India “towards positioning as a global hub for innovation”. “This would encourage a more risk capital–friendly milieu and, therefore, more likely home-grown global tech giants, besides reducing technology dependence and boosting economic sovereignty in the long run.”

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Budget 2024: Good News for Start-Ups as Nirmala Sitharaman Scraps Angel Tax. Here's What It Means - News18

Apart from start-ups, particularly those in early stages that rely heavily on external funding, the tax affects angel investors as the implications may make them more prudent about putting their money in start-ups