The CBDT vide Notification No. 29/2023 dated May 24, 2023 notified the class or classes of persons to whom the provisions of section 56(2)(viib)of the Income Tax Act, 1961 (“the IT Act”) do not apply. The Finance Act, 2023 has enhanced the scope of section 56(2)(viib) of the IT Act to make it applicable to share application money/premium received from any person, regardless of residential status.
The Notification can be accessed at: https://egazette.nic.in/WriteReadData/2023/246045.pdf