Private equity (PE) and venture capital (VC) entities want alternative investment funds (AIFs), used to invest in starts-up, to be exempted from Section 56(2)(vii-b) of the Income-Tax Act — popularly known as “angel tax” — in the Union Budget.
At present, only VCUs (venture capital undertakings), a sub-category of the Securities and Exchange Board of India (Sebi)-registered Category-I AIF, are exempted. Other items on the wish list of PE and VC entities are pass-through for I-T to address end-of-life losses, tax parity of unlisted shares with listed ones, ...
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