CBDT amends Rule 11UA in respect of "Angel Tax"
The Finance Act, 2023, brought in an amendment to bring the consideration received from non-residents for issue of shares by an unlisted company within the ambit of section 56(2)(viib) of the Income-tax Act, 1961 (‘the Act’), which provides that if such consideration for issue of shares exceeds the Fair Market Value (‘FMV’) of the shares, it shall be chargeable to income-tax under the head ‘Income from other sources’.