ENA Sectors 2019-02-22 11:19:29 <p><strong>New Delhi, Feb 22 (KNN)</strong> PaisaDukan has welcomed the widened definition of start-ups announced by Union Minister of Commerce and Industry, Suresh Prabhu which brings breather for several start-ups that have received funds from Angel Investors or looking for funds.</p> <p> The notification eliminates a major obstacle and clarification would help several start-ups in avoiding potentially significant tax challenges faced by start-up and will allow them to focus on their core activities, said Rajiv M Ranjan, Founder and CMD PaisaDukan</p> <p>However I would request government of India to relook the section 68 of Income Tax, that will broaden the reforms, added Ranjan.</p> <p>The government of India recently announced the decision of easing the rules for start-up by announcing a string of exemptions which included the contentious and much debated issue of Angel Tax.</p> <p>It was a much debated and a long demanding step.</p> <p>Additionally, the widened definition of start-ups will also create business environment and will inspire new entrepreneurs to establish start-ups.</p> <p>Simplification of the process for start-ups to get exemption on investment under section 56(2)(viib) of Income Tax Act, 1961 will help P2P lending industry which wasn't so attractive for VCs &amp; Angle investors due to low volume and higher operational cost.</p> <p>NBFC-P2P lending industry has also welcomed the announcement, said Ranjan <strong>(KNN/JM)</strong></p> 22116 https://knnindia.co.in/news/newsdetails/sectors/paisadukan-welcomes-the-widened-definition-of-start-ups 2019-02-22 11:19:29 knnindia.co.in