Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT RATES :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: TDS :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: cpt :: ACCOUNTING STANDARD :: form 3cd :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment
 
 
Direct Tax »
 GST: Renaming Central Board of Excise and Customs to CBIC may take a while
 CBDT notifies new scrutiny notices with e-facility for taxpayers
 GST is a transformational business process reform. All companies will have to change
 GST Council relaxes return filing rules for July-Aug
 Here's how self-employed individual can file tax return with ITR4
 CBDT mulling new system of jurisdiction-free I-T assessment to curb corruption
 CBDT draft notice on computing tax liability of foreign firms
 CBDT forms task force for jurisdiction-free income tax assessment system
 Aadhaar must for filing returns from July 1: CBDT
 Aadhaar mandatory for filing I-T returns and obtaining new PAN card from July 1: CBDT
 Central Board of Direct Taxes cuts profit margin for safe harbour rules

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.

Foreign tax credit: Some Income rules fail to deal with complicationsForeign tax credit: Some Income rules fail to deal with complications
Income Declaration Scheme 2016: I-T Dept assures against harassment, not to share details with other agenciesIncome Declaration Scheme 2016: I-T Dept assures against harassment, not to share details with other agencies

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.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions