Q. Consider the following statements:
1.Angel tax refers to the income tax payable on capital raised by unlisted companies.
2.As per Budget 2023-24, startups certified with the Department of Promotion of Industry and Internal Trade (DPIIT) are exempted from the angel tax.
Select the correct statement using the code given below:
Answer: A
Notes:
Explanation –
Statement 1 is correct. Angel tax refers to the income tax payable on capital raised by unlisted companies.
Statement 2 is incorrect. As per Budget 2023-24, startups registered with the Department of Promotion of Industry and Internal Trade (DPIIT) are exempted from the angel tax. The certified ones will have to pay additional taxes.
Source: ForumIAS