Budget announcements for startups to boost budding entrepreneurs: Findoc Group

Budget proposals for start-ups will help promote growth of budding entrepreneurs in the country, financial advisory firm Findoc Group said on Monday.

Hemant Sood, the Managing Director of Findoc Group, said the government's move to roll out reforms like five-year tax holiday for employee stock option plan and tax exemption for start-ups with a turnover of less than Rs 100 crore for 10 years are steps in the right direction.

"By reducing tax burden of employees, the government will help start-ups ride on ESOPs programme even more. This move will ensure key employees are retained leading to their own skin in the start-up whilst ensuring future benefits for such key and critical employees in such start-ups," he said in a statement.

Change in tax structure for start-ups will surely impact global ease of doing business, he said.

"It is a clear sign for start-ups that the government has also invested in their success and would like to remove as many barriers as possible," he said.

"The announcement on seed fund support for early age start-ups will also boost market sentiments in the months to come," Sood said.