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Angel Tax - A Raging Controversy
Angel Tax - A Raging Controversy

The Finance Act, 2012 added a new sub-section (viib) in section 56(2) of the Income-tax Act, 1961 (Act) applicable prospectively from 1-4-2013. This sub section roped in it, a system of preventing the flow of illicit money, by bringing in a provision that if a Company, in which public is not substantially interested, receives share premium over and above its fair market value, as prescribed under the Act, the excess shall be exigible to tax under the head 'income from other sources', in the hands of the payee company.

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Corporate Catalyst India

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