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 Topic
- While e filing otp not generating
- INCOME FROM CLOSING OF NSS -1992 -EXEMPT UNDER W
- GPF AND COMMUTED PENSION RECEIVED
- How do I choose the correct trademark class? Can I
- Error in totalling salary amount in AIS
- Client consent under DPDPA: Is client sharing PAN,
- TDS MISMATCH
- Rebate on other income even if LTCG is above my 12
- Need CA to certify shareholding pattern.
- Ltcg savings
Related Topics
CAclubindia
