Relief for start-ups in India; Rs 10 cr tax concession set to boost segment
This means that start-ups can seek out tax concessions under Section 56 of the I-T Act by applying for a merchant banker certificate from the Inter-Ministerial Board (IMB) that has been set up by the Department of Industrial Planning and Promotion (DIPP). According to Harsh Shah, co-founder of online fashion platform Fynd , this move will certainly boost support towards start-ups and will witness more activity from angel investors towards the sector
Angel investors come into play usually at the concept or incubation stage, at a time when the fledgeling venture is trying to find its initial customers and discover its business model. Image source: Reuters