No. The "angel tax" — Section 56(2)(viib), which taxed share premiums received above fair market value as income of the company — was abolished by the Finance (No. 2) Act, 2024, for all classes of investors.
What this changes: the income-tax DCF valuation battles that plagued startup fundraises are gone. What it does not change: you still need a Registered Valuer's report for the share issue under the Companies Act, and FEMA pricing still applies to foreign investors. Rule 11UA also continues to matter for other provisions, such as taxation of shares received below fair value.
In short: the tax threat is gone, the valuation discipline stays.