Section 56 (2)(viib) Is Applicable On Government Related Investors, Banks Involved In Insurance Business, Etc.: CBDT
Mariya Paliwala
27 May 2023 6:11 PM IST
The Central Board of Direct Taxes (CBDT) has notified the class of persons/entities on which Section 56 (2)(viib) of the Income Tax Act.The words "being a resident" have been proposed to be removed from section 56(2)(viib) with effect from 01 April 2024 in the Finance Bill 2023. Therefore, if this section were to become law, it would apply to any non-resident who makes an investment in...
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