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angelTax

THE PERILS OF ANGEL TAX

and its Effect on Startup Ecosystem of India


The Indian Income Tax Act came into existence in 1961 and the Companies Act was enacted in 1956 and it took Government more than 55 long years to make necessary amendments in the Acts to trace the tax evaders who were using a sophisticated modus operandi to convert their black money into accounted money by introduction of Bogus Share Application money.


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