The Startup Tax situation has elicited serious response. Pluggd.in has reported that the Ex-CEO of TCS, S. Ramadorai, has been asked to advise the government on the issue.
Indian government has asked S. Ramadorai, ex-CEO of TCS to advise the government on startup tax bill. S Ramadorai currently serves as an advisor to the Prime Minister of India in the National Council on Skill Development, Government of India. He holds a rank equivalent to an Indian Cabinet Minister.
More from ET: FinMin says New Safeguards For Angel Investors
The finance ministry has said it could bring in more safeguards in the income-tax law to ensure that genuine angel investors are not impacted by a budget proposal to tax exorbitant profits by venture capital funds, but effectively ruled out a rollback.
The use-case that the government is looking to plug is where a large sum of money comes in from an Indian resident into a company, which classifies it as “share premium”.… (Read On...)
