CBDT- startup - Tax Exemption on Investments above Fair Market Value - 45/2016 - Income Tax

Superseded vide NOTIFICATION NO. 24/2018 dated 24-05-2018 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes NOTIFICATION NO. 45/2016 New Delhi, the 14 th June, 2016 S.O. - In exercise of the powers conferred by the clause (ii) of the proviso to clause (viib) of sub-section (2) of section 56 of the Income-tax Act, 1961 (43 of 1961), the Central Government, hereby notifies the classes of persons for the purposes of the said clause as being the person defined under sub-section (31) of section 2 of the said Act, being resident, who make any consideration exceeding the face value for issues of shares of a startup company. Explanation.-For the purposes of this notification, startup shall mean a company in which the public are not substantially interested and which fulfills the conditions specified in the notification of the Government of India, Ministry of Commerce and Industry, Department of Industrial Policy and Promotion, number G.S.R.180(E), dated the 17 th , February, 2016, published in the Gazette of India, Extraordinary, part 11, section 3, sub-section (i), dated the 18th February, 2016. ( F. No. 173/ 103/2016-ITA-I) (Rohit Garg) Deputy Secretary to the Govt. of India