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of <h1>New Tax Rules for Private Companies: 20% Tax on Share Buy-Backs Under Section 115QA; Strict Penalties for Non-Compliance.</h1> Chapter XII-DA of the Income-tax Act, effective June 1, 2013, introduces special tax provisions for domestic companies on buy-back of shares not listed on a recognized stock exchange. Under Section 115QA, such companies must pay an additional 20% tax on distributed income to shareholders. The company and its principal officer are responsible for paying this tax to the Central Government within 14 days of payment to shareholders. This tax is final, with no further deductions allowed. Sections 115QB and 115QC impose interest and default status if the tax is unpaid, applying standard income-tax collection and recovery provisions.
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