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o bring the consideration received from non-residents for the issuance of shares under the purview of section 56(2)(viib) of the Income-tax Act, 1961 (the Act), which states that if the consideration for the issuance of shares exceeds the Fair Market Value (FMV) of the shares, it shall be chargeable to income-tax under the head ÔÇ£Income from other sources,ÔÇØ an amendment has been made to the Finance Act, 2023.
CBDT proposes changes in Rule 11UA for valuation of shares for the purposes of Section 56(2)(viib) of the Income-tax Act, 1961.
Also proposes to notify excluded entities under the said section.
For more details, please see the Press Release:
https://pib.gov.in/PressReleasePage.aspx?PRID=1925651
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