Amendment to Section 56(2)(viib) of Income Tax Act to Include Non-Resident Investors in Share Issuance Tax Provisions.

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Full Text of the Document

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....Bringing the non-resident investors within the ambit of section 56(2)(viib) - it is proposed to include the consideration received from a non- resident also under the ambit of clause (viib) by removing the phrase ‘being a resident’ from the said clause. This will make the provision applicable for receipt of consideration for issue of shares from any person irrespective of his residency status to eliminate the possibility of tax avoidance.....