Over 2,100 startups served 'angel tax' notices: Report

Over 2,100 startups that raised angel funding have received 'angel tax' notices from I-T Department, a survey by Indian Private Equity & Venture Capital Association (IVCA) and LocalCircles showed. Around 73% of the 2,883 respondents received the notices. The startups said the notice was slapped for raising capital over the "fair market value" or for raising capital from unknown sources.