Quick Summary
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 25th September, 2023 INCOME-TAX G.S.R. 685(E) . In exercise of the powers conferred by sub-clause (i) of clause (a) of the Explanation to clause (viib) of sub-section (2) of section 56 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules,1962, namely:‒ 1. Short title a
Daily Limit Reached
You have reached your daily limit of 2 Free Notice & Circular
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited Notice & Circular Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
FAQ :
The notification amends Rule 11UA of the Income Tax Rules, 1962, to further define how the fair market value of unquoted equity shares is determined for specific tax purposes.
These rules come into force from the date of their publication in the Official Gazette.
For transactions where the consideration is received from a resident, the fair market value can be determined under sub-clauses (a), (b), (c), or (e) of the rule, at the option of the assessee.
For transactions where the consideration is received from a non-resident, the fair market value can be determined under sub-clauses (a) to (e) of the rule, at the option of the assessee.
Sub-rule (2) of Rule 11UA has been substituted with new provisions concerning the fair market value of unquoted equity shares.
CAclubindia
Source : https://egazette.gov.in/WriteReadData/2023/248994.pdf