Return of the devil: Angel tax amendment spooks investors, startups amidst funding winter

Mumbai-based Nikunj Bubna had to shut down his previous startup, which was in the customer engagement space, after it was caught up in the angel tax issue back in 2017. Given the tax notice, he could not raise any more funding. Moreover, while the startup shut down over three years ago, the appeal against the tax notice is still to be heard. And now, Bubna is worried that his new D2C startup may be impacted by the same dreaded angel tax. This