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1.The government has decided to scrap a tax on seed funding provided to start-ups by Indian angel investors in the upcoming Union Budget, to help domestic financiers bankroll new entrepreneurial ventures under its Start Up India campaign.
2.The tax provision in question treats infusion of funds by domestic angel investors as income in the hands of the start-up, making India the only country in the world to penalise local angel investors in such a manner. Senior government officials working on the Start Up India action plan to be unveiled by Prime Minister Narendra Modi on Saturday said the tax is one of the key reasons that 90 per cent of Indian start-ups are financed by foreign venture capital and angel funds.
3.He added that this tax applies only to domestic investors and thus acts as a disincentive to local funding for start-ups that the government wants to incentivise instead.