Shaadi.com’s Anupam Mittal Praises Budget 2024 but Says ‘Ye Dil Maange More’
- ByStartupStory | July 24, 2024
In a landmark announcement, the Union Budget 2024 has garnered significant praise from the startup community, particularly from Shaadi.com founder and Shark Tank India judge Anupam Mittal. As startups rejoice over the abolition of the much-dreaded angel tax, Mittal has expressed optimism while also highlighting areas for further improvement.
The angel tax, a provision under Section 56(2)(viib) of the Income Tax Act, 1961, classified investments from external investors received by startups as “income from other sources,” taxing them at a rate of 30%. With its abolition, Mittal remarked, “startups are finally happy as the ‘much-dreaded angel tax’ has been abolished.” He further added, “Hopefully, this is a 1st step in many that not only levels the playing field but tilts it in our favour, so we can build truly global companies from Day 1.”
The Budget has also harmonized Long-Term Capital Gains (LTCG) tax across private and public companies at 12.5%, which Mittal believes is a significant boost for startup investors. “LTCG has also been harmonised across pvt and public cos at 12.5%. Another shot in the arm for startup investors,” he stated.
However, Mittal’s enthusiasm is tempered by a desire for further reforms. He noted, “Ye dil maange more (my heart wants more),” emphasizing the need for additional measures such as taxing Employee Stock Ownership Plans (ESOPs) only upon exit and providing tax credits for startup investments. If these measures are implemented, he predicts a transformative impact on the startup ecosystem, stating, “Aag lag jaayegi (it will set things on fire).”
Follow Startup Story
Related Posts
