India to present Union Budget on Feb 29

The Prime Minister Narendra Modi-led government will present the union budget for 2016-17 on February 29.

The pre-budget consultations are being also held in a bid to formulate policies.

Meanwhile, the National Association for Software and Services Companies (NASSCOM) says direct and indirect taxes hurt startups and the industry body has asked for tax exemptions for startups.

NASSCOM, in pre-budget recommendations, has asked the finance ministry to weed out taxes, including minimum alternative tax, angel tax as these hurt startups.

"Policy regulations like ease of compliance, reliance on self-certification instead of audits, tax exemptions for startups will allow entrepreneurs to devote their time, energy and resources to build upon their innovative ideas," said R Chandrashekhar, president of NASSCOM.

The industry body also wants exemption from capital gain tax on income from sales of startups.