Removal of Angel Tax and Revision of Section 56 of the IT Act: A Major Boost for Domestic Companies and Investors
The proposed removal of the Angel tax, specifically the revision of Section 56 of the IT Act, represents a major advancement for domestic companies and investors. Initially introduced to prevent value manipulation among resident taxpayers, the tax was later extended to non-residents, raising significant concerns within the industry. Angel tax, as outlined in Section 56(2)(viib) …