New Delhi, Feb. 19 -- Revising the current definition of startups and addressing the raging issue of angel tax, Union Minister Suresh Prabhu said an entity shall be considered a startup upto 10 years from its date of incorporation / registration instead of the existing period of 7 years. "An entity shall be considered a startup if its turnover for any of the financial years since its incorporation/registration hasn't exceeded Rs 100 Crore instead of existing Rs 25 crore," he said. He also said that the consideration of shares received by eligible startups for shares issued or proposed to be issued by all investors shall be exempt up to an aggregate limit of Rs 25 crore.
The minister added that all investments into eligible Startups by Non-...