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CBDT seeks suggestions on draft rules on income from buy back of unlisted share by a company
July, 26th 2016

The income tax department, which falls under the jurisdiction of the Ministry of Finance has issued draft rules for prescribing the manner of determination of amount received by the company in respect of a share under Section 115QA of the Income-Tax Act, 1961.

The income tax department, which falls under the jurisdiction of the Ministry of Finance has issued draft rules for prescribing the manner of determination of amount received by the company in respect of a share under Section 115QA of the Income-Tax Act, 1961.

In a media release, the office of the spokesperson of the Central Board of Direct Taxes (CBDT), said that under Section 115QA of the Income Tax Act, 1961, additional income tax at the rate of 20 percent is levied on the distributed income arising out of buy back of an unlisted share by the company.

The CBDT statement said that the Finance Act, 2016 has amended the definition of “distributed income”, with effect from June 1, 2016, to mean the consideration paid by the company on buy back of shares as reduced by the amount, which was received by the company for issue of such shares, determined in the manner as may be prescribed.

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It said that the draft rules providing for determination of amount received by company for use of its shares under different circumstances have been formulated and uploaded on the Finance Ministry’s website (www.finmin.nic.in) and website of the Income Tax Department (www.incometaxindia.gov.in) for comments from stakeholders and general public.

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