TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Finance Bill 2019: Amendments to Section 56 Impact Taxation on Share Consideration, Payment Modes, and Income Exemptions</h1> Clause 21 of the Finance (No. 2) Bill, 2019 amends section 56 of the Income-tax Act, impacting income from other sources. The amendment specifies that consideration exceeding the face value of shares issued by certain companies will not be taxed if received from specified funds, including Category I or II Alternative Investment Funds. A failure to meet specified conditions will result in the excess consideration being taxable. The amendment also updates references from section 145A to section 145B, effective retroactively from April 1, 2017. Additionally, it allows for electronic modes of payment and exempts certain transactions from being considered income, effective April 1, 2020.
TaxTMI 
TaxTMI 
