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.
Upfront Capital Infusion For Government Banks: Sitharaman
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.
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