While presenting the Union Budget 2024-25 Ms Sitharaman said an internship allowance of Rs. 5000 and one-time assistance of Rs. 6000 shall be provided under the new scheme. The companies facilitating the internship shall be liable to bear the cost of training the interns and use their Corporate Social Responsibility (CSR) funds for it.
In a major boost to the startup ecosystem, the government has proposed to abolish the angel tax on all asset classes, finance minister Nirmala Sitharaman said Tuesday, while presenting the Union Budget for 2024-25.
Section 56 (II) (viii) of the Income Tax Act, known as angel tax, is applicable on any consideration of issue of shares that exceed the fair value of these shares issued by a privately-held company.
The amendments to the angel tax regime will be made effective from April 1, 2025, and will be applicable from assessment year 2025-26, as per the Budget statement.
Revised tax rate under the New Tax Regime as follows:
₹0-3 lakh – nil tax
₹3-7 lakh – 5%
₹7-10 lakh – 10%
₹10-12 lakh – 15%
₹12-15 lakh – 20%
Above ₹15 lakh – 30%
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