DPIIT To Address Start-Up Concerns On Angel Tax, ESOP Taxation In Upcoming Budget
Date
4/15/2024 4:23:11 AM
(MENAFN- KNN India) New Delhi, Apr 15 (KNN) The Department for Promotion of industry and Internal Trade (DPIIT) is gearing up to address lingering concerns of start-ups related to Angel tax and taxation of Employee Stock Option Plans (ESOPs)in the upcoming budget to be presented after the general elections.
DPIIT Secretary Rajesh Kumar Singh stated that there are four or five key elements that start-ups are concerned about, primarily revolving around issues like Angel tax, Tax Deducted at Source (TDS) on software-related matters, and double taxation on ESOPs, reported ET.
The Centre is also preparing for a new World Bank assessment framework called Business Ready (B-READY), which will evaluate countries on various aspects, from the start to the closure of a business.
Singh mentioned that the department is working to improve India's performance in areas such as contract enforcement and compliance, customs, land transfers, and land transfer mutations to perform well in the B-READY assessment.
Regarding land issues, Singh highlighted the aim to reduce litigation by digitising land records.
The DPIIT is also trying to incorporate the B-READY elements into the Business Reforms Action Plan (BRAP), which ranks states based on 301 reform action points to improve investor confidence and access to government services for citizens.
Additionally, the department has initiated work on reducing more compliances under the second edition of the Jan Vishwas Bill as part of the ease of doing business initiatives. Singh emphasised the need to improve access and ease of utilities as one of the areas of focus.
(KNN Bureau)
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