The Central Board of Direct Taxes, has issued a notification to alter the provisions of Section 56(2)(viib) of the said Income Tax Act, 1961. The amendment is made to exempt Start-ups from issue of share at price in excess of face value i.e No Tax to be paid on issue of share capital by eligible start-ups for excess premium. The provisions of the said Section shall not apply to consideration received by a company for issue of shares that exceeds the face value of such shares, if the consideration has been received for issue of shares from an investor in accordance with the approval granted by the Department of Industrial Policy and Promotion. Further, this notification shall be deemed to have come into force retrospectively from the 11th April, 2018.