Angel

India on Friday announced draft valuation rules for overseas investments into startups under the ‘angel tax’ regime, providing foreign investors greater flexibility in determining the fair market value of unquoted equity shares. The rules released for public feedback offer investors the choice of five valuation methods for determining angel tax incidence under Section 56(2)(vii)(b) of the Income Tax Act 1961, which should help reduce valuation disputes common under the cash flow method and net asset value method allowed…

SC Panel: Can’t Say There was Failure on Sebi’s PartHindenburg Allegations Against Adani Group - The six-member expert panel set up by the Supreme Court said it would not be possible to conclude that there was a regulatory failure on Securities and Exchange Board of India’s part in its handling of certain allegations of violations against Adani Group companies.Changes Proposed to Angel Tax Rules India on Friday proposed to exclude a host of foreign investors including sovereign wealth funds and pensions funds from the…

Venture capital (VC) investors welcomed the changes proposed by the government to angel tax provisions that were originally announced in the Union budget for 2023-24, saying they provide much-needed clarity on incidence of the tax while preventing it from being arbitrarily applied.“The proposed norms aim to expand valuation methodologies and eliminate price differentials between resident and non-resident investors… This inclusive approach will facilitate ongoing investments in the country,” said Karthik Reddy,…

India on Friday proposed to exclude a host of foreign investors including sovereign wealth funds and pensions funds from the purview of the so-called "angel tax", offering the much-needed relief to the startup sector staring at a funding winter.Those entities that face this tax will also have more valuation flexibility while computing this it, according to the draft rules put out by the Central Board of Direct Taxes (CBDT), the apex direct taxes body.Investments by non-resident investors including central banks,…

India is considering using valuation criterion established by the Foreign Exchange Management Act (FEMA) for angel tax on foreign investments, a move that could potentially bring relief to Indian startups. This and more in today’s ETtech Morning Dispatch, which is loaded with exclusives you won't find anywhere else.Also in this letter:■ VC fund Chiratae marks final close of maiden growth fund■ Majority IAMAI members opposed to separate competition law■ NCLAT ruling leaves App Store providers disappointedExclusive:…

India may accept the valuation criterion followed under the foreign exchange management law for the so-called angel tax on investments by overseas investors in startups, to provide clarity and end tax disputes.The Reserve Bank of India (RBI) administered Foreign Exchange Management Act (FEMA) accepts valuation by a Sebi-registered Category 1 merchant banker using any internationally accepted pricing methodology applied on an arm’s length basis.Tax authorities are considering adopting the same, among other options, for…

The startup industry wants the angel tax to be either scrapped or have its exemption threshold of Rs 25 crore raised. This and more in today’s ETtech Morning Dispatch Also in this letter:■ ETtech interview with HCLTech’s Shiv Nadar■ Edtech, gaming firms concerned over Data Bill’s age gating■ Manohar Kamath, Myntra’s private label head, resignsStartups want angel tax to be scrapped or exemption limit raised India’s startup industry is lobbying the finance ministry to either scrap the so-called angel tax or at least…

Fresh off of winning the NCAA Women’s Basketball National Championship, LSU stars Angel Reese and Flau’jae Johnson stopped by the Breakfast Club to discuss how their lives have changed since leading the Tigers to the first national championship in school history. While speaking about the high-profile athletes and entertainers who’ve reached out since March Madness, Reese revealed that Drake and Future have slid into her DMs. “You said two that you need to stay far away from,” Charlamagne tha God joked.“They just…

Tony Yayo has come to the defense of Angel Reese, who recently sparked backlash after using the G-Unit rapper’s iconic “You Can’t See Me” gesture while taunting Iowa’s Caitlin Clark during LSU’s national championship win. Nearly 20 years ago, Yayo popularized the celebratory taunt in the music video for his hit single “So Seductive.” In the waning moments of the Tigers’ 102-85 victory over the Hawkeyes last Sunday, Reese taunted Clark by using the gesture, which the Hawkeyes superstar had been using throughout Iowa’s run…

The biggest obstacle women’s sports faces in this country is not a lack of talent, athletic stamina or even public interest. It’s pearls.As in men clutching theirs every time a female sports star has the temerity to act like one.This weekend, women’s college basketball had three of the most exciting and widely viewed Final Four games in its history. Two major upsets — LSU’s defeat of Virginia Tech and Iowa’s win over South Carolina — led to a final in which sophomore Angel Reese and the deep bench of LSU overcame the…