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of <h1>Finance Bill 2019 to Extend Tax Exemption to Category II AIFs u/s 56 for Venture Capital Investments.</h1> The Finance Bill 2019 proposes an amendment to the Income-tax Act's section 56, which currently taxes companies on share considerations exceeding fair market value, unless exempted. Previously, exemptions applied to venture capital undertakings receiving funds from venture capital companies, funds, or specified persons, benefiting only Category I Alternative Investment Funds (AIF). The amendment aims to extend this tax exemption to funds received from Category II AIFs, facilitating venture capital undertakings in securing investments. This change is set to take effect from April 1, 2020, applicable for the assessment year 2020-21 and onwards.
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