The Company can issue 10% shares for an amount of Rs. 50 lacs on face value of the shares plus premium, so that the founders needn’t to put additional money through rights issue. The premium can be justified through DCF valuation and future projections of the company.
Angel tax under Income Tax isn’t applicable where the total investment including funding from angel investors did not exceed Rs 10 crore. However, there are several precautions which may need to be taken care by the Company such as restrictions on transfer of shares, lock-in-period etc. which needs to be covered under Share Holders Agreement to be executed among the founders and the investors and the same to be adopted in the Articles of Association of the Company. For the same, it’s advisable to connect with any good lawyer and cover some major issues which may not concern right now but in future it may impact for another investor to invest in your company.
You may can also check out few does and don’t or raising fund by startups: