Department for Promotion of Industry and Internal Trade proposes relaxation in Income Tax laws to help startups raise funds. DPIIT recommends amendments in Section 54GB and 79 of the IT Act to help founders raise capital by selling properties. DPIIT aims to promote budding entrepreneurs who face difficulty in fundraising. The proposal is part of the Startup India Vision 2024. The proposal will help setting up of 50K startups and 20 Lakh employment opportunities by 2024.
