India's dreaded Angel tax is killing Startups

Indian Tax Authorities are treating angel investments into startups as income under a money laundering provision and are penalising startups.

https://pn.ispirt.in/angel-tax-in-india%E2%80%8A-%E2%80%8Ademystified-and-explained/

This is nothing but tax terrorism at work. Today a startup - Travelkhana had its account seized and money emptied by authorities.

https://inc42.com/features/the-curse-of-angel-tax-travelkhana-left-with-zero-money-after-cbdt-seizes-inr-33-lakh-freezes-accounts/

#shutdownindia is trending on twitter. More than 2000 startups have been served notices under the provision. Startups who are the only hope for job generation in India are reeling under AngelTax.

We request startup community around the world to show solidarity with Indian brethren at this juncture. Say no to Tax Terrorism. Govt needs to act. #SaveStartupIndia