Angels & demon: Decoding the tax row that's making startups nervous

India is the second biggest hub for startups in the world in terms of number of businesses. While the Narendra Modi government has the stated aim of promoting entrepreneurship in the country, the startup sector is now smarting under tax scrutiny which it says is unnecessary and harmful for its financial health. Angel tax, levied on angel investment in startups, has been in news recently for tax notices slapped on a large number of startups and the the sector demanding remedies.