- Apprentice Lawyer
Tax on share premium Remedy for money laundering or a startup bottleneck
Startup capital in closely held companies from residents and exceeding the ‘fair market value’, may now stand taxed at the highest tax rate of 30%. Amongst the various debatable and not so welcome amendments proposed by the Finance Bill, 2012, the proposed amendment to section 56 of the Income Tax Act, 1961 too deserves a special mention. In this columns, Archana Panchal and Tushar Ajinkya discusses the same.