<h1>Angel tax valuation rules expanded to include non-resident transactions with new valuation methods and targeted exclusions.</h1> Amendment extends the angel tax to non-resident consideration exceeding FMV under section 56(2)(viib). Proposed revisions to Rule 11UA broaden accepted valuation methods for non-resident transactions, permit price matching for notified non-resident investors and qualifying funds, accept merchant banker reports dated within a prescribed period, and provide a safe-harbour variation to address round-to-round economic fluctuations. A class-based exclusion is proposed for specified sovereign, regulated financial, institutional and pooled investment investors, and DPIIT-recognised start-ups are proposed to be exempt under a modified notification.