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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Section 56(2)(viib): Tax on Excess Share Value, Exemptions Possible, Conditions Apply, Effective from April 1, 2020.</h1> Section 56(2)(viib) of the Act addresses the taxation of share issuance by certain companies when the consideration exceeds the fair market value. The Central Government can exempt companies from this provision through notifications, provided specific conditions are met. If a company fails to comply with these conditions, the excess consideration over the face value of the shares will be treated as taxable income for the year of non-compliance. These amendments are effective from April 1, 2020, applicable to the assessment year 2020-21 onwards.
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