NEW DELHI: India could shield startups floated prior to 2016 from the socalled angel tax to boost entrepreneurship in the country. The finance ministry has started discussions with the Department of Industrial Policy and Promotion (DIPP) on the certification of genuine startups to help with this.The government has also asked tax officials not to pursue cases against startups. If DIPP agrees, then we will not make any adjustment for startups set up before 2016," finance secretary Hasmukh Adhia told ET. "So, let it meet with judicial scrutiny," Adhia said.He also said it was wrong to characterise the levy as an angel tax. This is not an angel tax — this is an anti-evasion measure for us," he said.

Source: Economic Times February 05, 2018 01:30 UTC