Angel investors not cheering tax exemption, reluctant to share bank details

The exemption from tax may not boost angel investment in start-ups as investors find the new rules still restrictive. The new rules require start-ups to get valuation certificate from merchant bankers, instead of a chartered accountants earlier; the deal also needs to be certified by an inter-ministerial board (IMB). These will be time-consuming and expensive for start-ups, say investors. Last week, the Income Tax Department exempted start-ups from tax on investments they receive from angel investors above their fair valuation. The tax was being levied on companies issuing shares t.....

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