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of <h1>Finance Bill 2023 amends Section 56: Taxes on Investor Share Consideration, Business Trust Sums, and Life Insurance Receipts</h1> Clause 32 of the Finance Bill, 2023 proposes amendments to section 56 of the Income-tax Act, effective April 1, 2024. It removes the residency requirement in clause (viib), thereby including all investors for taxation on excess share consideration. A new clause (xii) is added to tax sums received by unit holders from business trusts, excluding specific income types. It also introduces clause (xiii), taxing certain life insurance policy receipts exceeding paid premiums, except for unit-linked policies. The term 'unit linked insurance policy' is defined for clarity. These changes apply from the 2024-2025 assessment year onward.
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