The correct option is B
1 and 2 only
Explanation:
Statement 1 is correct: Angel investors are high net worth individuals who invest their personal income in business start-ups or small and medium scale companies.Angel investors finance small startups.Further, such investors provide mentoring to entrepreneurs as well as access to their own business networks. Thus, they bring both experience and capital to new ventures.
Statement 2 is correct: Angel Tax, formally known as Section 56 (2) (vii b) of the Income Tax Act, taxes funds raised by startups if they exceed the fair market value of the company. It was introduced in 2012 by the UPA government in order to detect money laundering practices and catch bogus startups.
Statement 3 is incorrect: As per earlier rules, the exemption from angel tax was for companies with turnover up to Rs 25 crores, but as per new rules, the exemption limit has been extended to companies with turnover less than Rs 100 crores and those companies should be less than 10 years old.