Mahindra, Pai complain about 'angel tax', Suresh Prabhu responds
After investor Mohandas Pai and industrialist Anand Mahindra complained about 'angel tax' on social media, Commerce Minister Suresh Prabhu tweeted, "We have taken up the issue". An 'angel tax' of 30.9% is levied on funds raised by unlisted companies in excess to 'fair value'. Snapdeal Co-founder Kunal Bahl also said the tax would destroy the world's "most promising startup community".