India's Central Board of Direct Taxes (CBDT) has issued a press release announcing proposed changes to Rule 11UA in respect of the "angel tax". Rule 11UA concerns the determination of the fair market value of shares, among other things. This is important in relation to Section 56(2)(viib) of the Income-tax Act, 1961, which generally provides that consideration received for the issue of shares that exceeds the fair market value of the shares is chargeable to income tax under the head "Income …