Angel tax: Experts seek 10% safe harbour for convertible preference shares ...Middle East

The I-T department's draft rules on valuation of funding in unlisted startups for calculating 'angel tax' will bridge the gap between the rules outlined in FEMA and the Income Tax, but the 10 per cent safe harbour which is proposed for equity investment should be extended to convertible preference shares, experts said. The Central Board of Direct Taxes (CBDT) on May 26 issued draft rules providing more flexibility for valuation of equity investments made in unlisted startups. For non-resident investors the valuation methods provided under the rules are: book value or net asset value method, valuation by a merchant banker using DCF (discounted cash flow), and valuation at which a venture capi

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