Sunset of share premium taxation exempts excess consideration on private company share issuance from tax from the new assessment year. The amendment provides that clause (viib) of section 56(2), which taxed excess consideration received by closely held companies on issue of shares as ... Summary
Sunset of share premium taxation exempts excess consideration on private company share issuance from tax from the new assessment year.
The amendment provides that clause (viib) of section 56(2), which taxed excess consideration received by closely held companies on issue of shares as Income from other sources, shall not apply from the specified assessment year, with the change effective from the stated first day of April.
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