Budget 2024: FM Proposes to Abolish Angel Tax

In the 2024 Budget, Finance Minister Nirmala Sitharaman proposed the abolition of the angel tax, a move aimed at promoting investment in startups. The angel tax, which has been a concern for new businesses, especially in the technology sector, imposed a tax on funds raised through issuing shares at a premium above their fair market value. The proposal intends to remove this tax to stimulate growth and encourage more investments in the startup ecosystem. This decision reflects the government's ongoing efforts to support and enhance the startup environment in India.