CBDT notifies changes to Rule 11UA in respect of ANGEL TAX Finance Act

CBDT notified changes to Rule 11UA in respect of ANGEL TAX Finance Act, 2023, and brought in an amendment to introduce 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 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’.