Budget 2024-25: Angel Tax For All Classes Of Investors To Be Abolished

The Union Budget 2024-25 announced the abolition of the 'angel tax' for all investor classes to support the Indian start-up ecosystem. Corporate tax rates for foreign companies will be reduced from 40% to 35% to attract foreign capital. The budget includes a financial sector vision document, simplified FDI rules, and a simpler tax regime for foreign shipping companies. Additionally, a taxonomy for climate finance will be developed, and new legislation will facilitate financing for leasing aircraft and ships.