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of <h1>Amendment to Section 56: Clause (viib) Sunset to Remove Tax on Excess Share Consideration from April 2025.</h1> The Union Budget 2024-25 and Finance Bill propose an amendment to Section 56 of the Act, concerning income from other sources. Specifically, it plans to sunset clause (viib) of sub-section (2), which taxed the excess consideration received by certain companies for share issues over their fair market value. This amendment will take effect from April 1, 2025, and apply to the assessment year 2025-26, effectively removing the tax obligation for these excess amounts from that date.
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