Finance Minister, Nirmala Sitharaman today said that the government will release Rs 70,000 crore upfront state-run banks, as announced in the budget. "This will benefit all Corporate and retail borrowers."
The government also announced some relief for Angel tax.
Angel Tax Relief under Section 56 2(B) of the Income Tax Act, related to the angel tax, will not be applicable to startups registered with the DPIIT. A dedicated cell under the CBDT will address any income tax problems faced by startups.