TAX PRESSURE

■ Angel tax is a 30 per cent tax levied on funding received by start-ups above fair market value from an external investor

■ The government had passed the angel taxregulationsin 2012 to curb attempts to launder black money

■ Start-ups have argued that fair market value is not the same as valuation

■ Start-ups raise funds on valuation, which has no prescribed formula or format

■ IVCA data has shown more than 2,000 startups have received notices from the tax department

■ On Monday's meeting, the Centre agreed to reconsider some parts of the existing law to help start-ups