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Govt relaxes norms for startups
- The government has relaxed the norms under the definition of Start-Ups.
- The changes brought in are: (a) The investment limit of angel investors to seek exemption under the Income Tax Act, 1961 has been increased to Rs 25 crore from 10 Crore. (b) An entity shall be considered as a startup up to 10 years from its date of incorporation instead of the previous period of 7 years and (c) An entity will be considered a startup up to a turnover of Rs 100 crore as against the earlier limit of Rs 25 crore.
- These relaxation’s will give boost to the start up ecosystem and ease of doing business in India.
