India Considers Exempting Pre-2016 Startups From Angel Tax And Other Startup News You Need To Know


Listed below are some of the major news of the startup sector, have a look to stay updated:

India considers exempting pre-2016 startups from angel tax

The government is expected to issue a notification soon that would exempt the startups set up before 2016 from the so-called angel tax on investments. This is going to provide relief to a number of startups that have already received tax notices.

The income tax department will, in consultation of the Department of Industrial Policy and Promotion (DIPP), soon issue a notification spelling out the details of the exemption from section 56 of the Income Tax Act, a senior government official said.

The exemption is likely to be given only up to a certain amount of angel investments in startups. Besides, only those ventures, which have been certified by the inter-ministerial board for startups, will be able to avail the benefit.

MakeMyTrip may invest in OYO and delist rivals Treebo and FabHotels

Travel booking site, MakeMyTrip (MMT) might be on the verge of delisting budget hotel startups Treebo Hotels and FabHotels from its platform. This would be due to a  business partnership it struck with OYO Rooms recently, people close to the matter claimed.

The move will significantly hurt both the companies but it might also be an indicator of a financial deal between MMT and OYO, sources indicated.

PayPal partners with FIEO to impart knowledge to SMEs on global selling

PayPal will be working with Federation of Indian Exports Organisation (FIEO) to educate SMEs on how to make better use of global opportunities, help them receive money in a safe and timely manner with PayPal products like invoicing and bring to them the best global  practices from across 200 markets.

Small exporters from India tend to focus on the local market to avert the risks associated with operating in a global marketplace. Complicated shipping and exports procedures also serve as deterrents for this sector, which otherwise offer very lucrative business. The awareness programmes will address some commonly faced challenges and train them with PayPal solutions tailored for this segment.

E-commerce companies plan on increasing their fleet of delivery agents

In an attempt to strengthen the last human link in the supply chain, e-commerce portals are planning on doubling or tripling their number of delivery agents. To keep up with their growing volumes and expanding they are now in the hunt for many more delivery agents.

Companies such as Flipkart, Big-Basket, Swiggy, 1mg, Pepperfry and Urban Ladder, among others, are planning to increase the number of delivery workers, companies and staffing firms said, leading to an overall increase of about 20%.

Experts claim that there are currently about 35,000 vacancies for delivery agents in the country required by ecommerce companies and startups

Today’s Take Away:

We all dream of making it big, being successful and being counted as the best of the bests. But often, what we tend to forget is that dreams would not turn into realities by themselves. If we are true to our beliefs, we should strive harder till we reach that point we always wanted to reach. The one and only Steve Jobs had put this beautifully in his usual candid way,

“I’m convinced that about half of what separates successful entrepreneurs from the unsuccessful ones is pure perseverance.”

We must always keep this in our mind.