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Issue of notification by CBDT to give effect to DIPP notification dated February 19, 2019

On March 5, 2019, Central Board of Direct Taxes (CBDT) issued a notification (no.13/2019) to give effect to February 19, 2019 notification issued by DPIIT stating the provisions of Section 56(2)(viib) of the Income Tax Act shall not apply to consideration received by a company for issue of shares that exceeds the face value of such shares, if the said consideration has been received from resident person by a company which fulfills the conditions specified in para 4 of notification dated the 19th February, 2019 issued by Department for Promotion of Industry and Internal Trade (DPIIT) and files a declaration referred to in para 5 of the said notification.

The notification has come into force retrospectively from February 19, 2019.

NASSCOM’s policy brief on DIPP notification dated February 19, 2019 is accessible here:

https://community.nasscom.in/communities/policy-advocacy/dpiit-notifies-new-definition-for-startups-and-conditions-for-claiming-exemption-for-the-purpose-of-section-562viib-of-the-income-tax-act-1961.html


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