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No Angel Tax for DPIIT registered startups: Nirmala Sitharaman

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In a major relief to entrepreneurs and startups, Finance Minister Nirmala Sitharaman on Friday announced that the 'angel tax' provision will be withdrawn for startups and their investors. Announcing measures to boost the subdued economy, the Finance Minister said that Section 56 2(b) of the Income Tax Act will not be applicable on startups registered under the Department for Promotion of Industry and Internal Trade (DPIIT)

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