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Shaadi.com's Anupam Mittal praises Budget 2024 but says ‘ye dil maange more’

Jul 23, 2024 07:19 PM IST

Shaadi.com founder Anupam Mittal applauds abolition of angel tax and harmonisation of LTCG in Union Budget 2024, calls for further support for startups.

Shaadi.com founder and Shark Tank India judge Anupam Mittal, said that startups are finally happy as the “much-dreaded angel tax” has been abolished as the entrepreneur reacted to the Union Budget 2024. He 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.”

Entrepreneur Anupam Mittal appears as a ‘shark’ on Shark Tank India.
Entrepreneur Anupam Mittal appears as a ‘shark’ on Shark Tank India.

Also Read: Capital gains tax hiked to curb derivative trading, but volume fell 40% from Feb

What is angel tax?

Angel tax is a provision under Section 56(2)(viib) of the Income Tax Act, 1961 which classifies investments from external investors received by startups as “income from other sources,” taxing them at a rate of 30%.

This has been abolished now.

Praising the budget, Mittal said, “LTCG has also been harmonised across pvt and public cos at 12.5%. Another shot in the arm for startup investors.”

Although, he said that he wanted more from the Budget, saying “Ye dil maange more (my heart wants more)”, adding that next on the list should be taxing esops only on exit and giving tax credit for startup investments.

If this is done, “Aag lag jaayegi", he said.

Also Read: Budget tax changes impact your mutual funds investments? Radhika Gupta explains

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