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          <h1>Finance Bill 2024 Amends Section 56, Excludes Certain Share Transactions from Taxation Starting April 2025</h1> Clause 23 of the Finance (No. 2) Bill, 2024, proposes an amendment to section 56 of the Income-tax Act, specifically sub-section (2), clause (viib). This clause addresses income from other sources, particularly when a non-public company receives share consideration exceeding the fair market value. Currently, exceptions exist for venture capital undertakings and certain notified classes. The amendment stipulates that the provisions of this clause will cease to apply from April 1, 2025, effectively excluding these transactions from being taxed under this clause from that date. This change is set to take effect on April 1, 2025.

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