CBDT notified the persons exempted from the provisions related to ‘Angel Tax’

On May 24, 2023, the CBDT issued Notification No. 29/2023, which specifies the specific group or groups of individuals exempted from the application of section 56(2)(viib) of the Income Tax Act, 1961 (“the IT Act”). The Finance Act, 2023 has broadened the reach of section 56(2)(viib) of the IT Act to encompass share application money/premium received from individuals, regardless of their residential status.