Govt acts on LocalCircles demand - abolishes angel tax for startups

Many of you may know that LocalCircles actively took up the cause of abolishing angel tax for startups in India a few months back. We are pleased to share that yesterday, Ministry of Finance via CBDT and Ministry of Commerce via DIPP accepted the solution proposed by LocalCircles and issued a notification to abolish angel tax for recognised startups in India with a few conditions. This is the single biggest reform for startups by the Modi Government and has the potential to invigorate an ecosystem that was struggling in the last few years due to this devil tax. Below is the detailed report and related media reports.

Full LocalCircles Report
Moneycontrol Report
Indian Express Report
The Hindu Report

If you have additional ideas or inputs on what the Government should do to boost the startup ecosystem further, please do share as LocalCircles will be taking them up with the Government very shortly.

------------------------------------------------------------------------------------------------------------------------------------ Some of you participated in the LocalCircles Startup/SME survey whose results are available at the link below. The survey helped capture the collective pulse of startups and SMEs. Below is the full report and the survey has been widely covered in media as well. If you are a business or service provider or a concerned citizen, you are welcome to share the same on your social media so the Govt acts to address the situation faced by startups and SMEs.

Full LocalCircles Report
CNBC Report
Economic Times Report
The Hindu Report

For any country to have robust economic growth, it is critical that its SME and startup ecosystem becomes successful, esp when large private and public enterprises are unable to create enough jobs.

LocalCircles is taking up the issues of the Startup and SME ecosystem with the Government and hoping that key issues like taxation are addressed soon. If you have other issues and ideas on making doing business easier, kindly share the same. more  

View all 41 comments Below 41 comments
Great stuff LC more  
Good news that notification has been issued to abolish angel tax for recognised startups in India more  
L C must be developed as a strong body to approach the Government to solve any shortcomings which are either consumer based policy or developmental activities. The LC efforts are really more appreciable for having successfully pursued the Government to abolish angel tax and L C developing as a commanding body for the public interest. I heartily congratulate the whole LC body. more  
Congratulations to all the members of LC. more  
Good to hear that our voice has been heard and with this the credibility of LC has increased but how come in the newspapers coverage has not yet been given since i did not see anything but maybe I missed it.
Since this group lot of learned people are there who will give unbiased comments and will give feedback to help the common people hence i only hope this is just a beginning and lot more will come. more  
Post a Comment

Related Posts

    • Improving Governance of PSUs - Addl Inputs

      Members of various circles continue to report instances of corruption at Public Sector Organisations. Below are your key inputs to improve the functioning of PSUs in India. Kindly review and if you...

      By LocalCircles Manager
      /
    • Investigation Process for Company Frauds with PSU Banks: Inputs Sought

      In multiple circles, we have received posts from members which suggest that the CBI is taking a long time in acting on complaints of frauds in excess of 100 crores filed by public sector banks. Per...

      By LocalCircles Manager
      /
    • Ayodhya Verdict

      Great work by Chief Justice Ranjan Gogoi! A five-judge bench of the Supreme Court formed to resolve the Ayodhya dispute paved the way to build a temple through central government-monito...

      By Amit Mishra
      /
    • Ayodhya Verdict Tomorrow

      See attached everyone. Hope we all maintain peace and harmony.

      By Anushka Singh
      /
    • 3 years of Demonetisation: Findings and Inputs Sought

      Many of you participated in the LocalCircles survey on 3 years of demonetisation. Below, please find the link to the survey report. While increase in digital transactions are expansion of tax net a...

      By LocalCircles Manager
      /
    • Is the black money back in the economy? Inputs Sought

      Many of you may remember that this circle was the first collective community to call for demonetisation Oct 31 - Nov 8, 2016 before it was announced by the Prime Minister on Nov 8.Per the...

      By LocalCircles Manager
      /
    • ARE SOME LAWYERS HALF CRIMINALS ?

      In pre independent days, India has seen great scholarly lawyers like Mahatma Gandhi, Jawaharlal Nehru, Sardar Patel, Rajaji and others. Seeing the behavior of the present day lawyers, those belongi...

      By N.S. Venkataraman
      /
    • Jewellery Buying - Survey and Key Tips

      As some of you look to purchase jewellery today, we share with you the LocalCircles Trust in the Jeweller and Hallmarking Awareness Survey. Also included are member posts on how hallmarking works a...

      By LocalCircles Manager
      /
    • FDsin Nationalised and in Private Banks such as HDFC,ICICI,Yes banks etc etc

      Dear All Our FDs deposited in banks are insured up to maximum Rs one lakh,including it,s interest earned. The figure of Rs one lakh has been the same for the last couple of years and it h...

      By ANANTPADMAKAR AYYA
      /
    • How can Swachh Bharat 2.0 drive Swasth Bharat?

      The Swachh Bharat mission completes 5 years on Oct 2nd, 2019. The LocalCircles 5 years of Swachh Bharat survey indicates a clear gap in the area of poor cleanliness and sanitation leading to poor h...

      By LocalCircles Manager
      /
    • Buying Groceries Online: Inputs on issues faced

      Many of you who have been in circles know how LocalCircles worked with Legal Metrology Department to make best before date disclosure for food products mandatory on ecommerce apps, sites....

      By LocalCircles Manager
      /
Share To
Enter your email & mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

Please select a Circle that you want people to invite to.
Invite to
(Maximum 500 email ids allowed.)