New Delhi, May 28 (KNN) As many as 541 startups have been granted angel tax exemption by Central Board of Direct Taxes (CBDT) until now, said Department for Promotion of Industry and Internal Trade (DPIIT).

In a tweet, Secretary of DPIIT, Ramesh Abhishek said that 541 startups have been granted angel tax exemption by CBDT so far.

However, 36 applications were incomplete and are being worked upon by Startup India team to address deficiencies, he added.

The update in this regard comes after the Central Board of Direct Taxes (CBDT) in February had allowed such exemptions to startup.

In the month of February, the Income Tax Department notified some modified norms for start-ups to enable them to seek 'angel tax' exemption for investments of up to ₹25 crore in a bid to encourage budding entrepreneurs.