Provision of section 56(2)(viib) of IT Act 1961, shall not apply to consideration received by a company for issue of shares that exceeds the face value of such shares in the case of Startup. https://www.taxtmi.com/notifications?id=128884 Provision of section 56(2)(viib) is inapplicable to consideration for shares exceeding face value where a company qualifies as a startup, the subscription is by a resident, the company meets the eligibility criteria in the notified startup framework, and the company files the required declaration; the notification supersedes the earlier one and is given retrospective effect. en-us Tue, 05 Mar 2019 00:00:00 +0530 Thu, 25 May 2023 17:34:00 +0530 TaxTMI RSS Generator Provision of section 56(2)(viib) of IT Act 1961, shall not apply to consideration received by a company for issue of shares that exceeds the face value of such shares in the case of Startup. https://www.taxtmi.com/notifications?id=128884 Provision of section 56(2)(viib) is inapplicable to consideration for shares exceeding face value where a company qualifies as a startup, the subscription is by a resident, the company meets the eligibility criteria in the notified startup framework, and the company files the required declaration; the notification supersedes the earlier one and is given retrospective effect. Notifications Income Tax Tue, 05 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/notifications?id=128884