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What is Angel Tax
Angel tax is a term used to refer to the income tax payable on capital raised by unlisted companies via issue of shares where the share price is seen in excess of the fair market value of the shares sold. The excess realisation is treated as income and taxed accordingly. The rate of tax is 30%. Conditions and procedure for Exemption: 1. For claiming exemption an application is to be made by the start-up to the Income Tax Deptt (CBDT), via the Department of Industrial Policy and Promotion ( DIPP). The DIPP therefore has the discretion to recommend an exemption. The Income tax Deptt (CBDT) is mandated to evaluate and respond on each application within 45 days. 2. Start-ups that receive up-to INR 10 Crore will be exempt. 3. The investors must be accredited and Investor is defined as somebody with a minimum net-worth of INR 2 Crore and this investor must have submitted an Income Tax Return of at least INR 50 lakh in the preceding financial year. 4. Investors must share source of funds with the start-up seeking the exemption. Most Investors would be wary about sharing such information. Hence, this is a stumbling block that could mean few applications for exemption.
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