ENA Sectors 2019-02-19 08:00:19 <p><strong>New Delhi, Feb 19 (KNN)</strong> Revising the current definition of startups and addressing the raging issue of angel tax, Union Minister Suresh Prabhu said that an entity shall be considered a startup up-to 10 years from its date of incorporation / registration instead of the existing period of 7 years.</p> <p> An entity shall be considered a startup if its turnover for any of the financial years since its incorporation/registration hasnt exceeded Rs 100 Crore instead of existing Rs 25 crore, he said.</p> <p>Revising the definition aims at relaxing the norms and making it easier for startups to thrive in the country.</p> <p>The government has further expanded the turnover criteria as well.</p> <p>Now a firm can be a startup even if its turnover for any of the financial years since its incorporation hasnt exceeded Rs 100 crore instead of the existing cap of Rs 25 crore.</p> <p>The minister added that all investments into eligible Startups by Non-Residents, Alternate Investment Funds- Category I registered with SEBI shall also be exempt under Section 56(2)(viib) of Income Tax Act beyond the limit of Rs 25 crores. <strong>(KNN/JM)</strong></p> 22084 https://knnindia.co.in/news/newsdetails/sectors/govt-simplifies-provides-relief-from-angel-tax 2019-02-19 08:00:19 knnindia.co.in