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of <h1>Amendment to Section 56(2)(viib) of Income-tax Act to Include Non-Resident Investors from April 2024.</h1> The Union Budget 2023-24 and Finance Bill 2023 propose to amend Section 56(2)(viib) of the Income-tax Act to include non-resident investors within its scope. This section currently applies to resident investors and charges income tax on the excess consideration received for shares over their fair market value. The amendment aims to prevent tax avoidance by extending this provision to non-resident investors, removing the residency requirement. These changes will be effective from April 1, 2024, impacting the assessment year 2024-25 and beyond, ensuring a more comprehensive tax application on share premiums.
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