Share premium received by a company exceeding book value will be taxable w.e.f 01.04.12.
If shares issued at premium partly paid before or up to 31.03.12. And call received after 01.04.12 what will tax effect?
Menu
Share premium taxable income
Replies (2)
in Section 56(2) the following clause shall be inserted with effect from the 1st day of April, 2013 (Applicable from AY-2013-14) namely:
.
(viib) where a company, not being a company in which the public are substantially interested,
receives, in any previous year, from any person being a resident, any consideration for issue of
shares that exceeds the face value of such shares, the aggregate consideration received for such shares as exceeds the fair market value of the shares:
.
The phrase "any consideration" includes calls unpaid as on 31.03.12 and being received during the current FY.
.
If Share Premium is calculated as per Net Asset Value method any case laws in favour of assesee
your answer is different if one shareholder is NRI
Recent Threads
- Tax Audit Applicable or not?
- Understanding Why the CA Foundation Pass Percentag
- ITR3 - Switch from Old to New Regime
- Best Online Coaching for CA Intermediate Complete
- FCRA 6A Address Change request
- Can you share how you practically used the list fo
- Parag Sir’s 50+ CA Inter Costing Questions &
- Capital gains builder property
- Urgent Guidance Needed: New Proprietor Facing S
- Penalty 270A
Related Threads
CAclubindia
