Dividend exclusions under income tax cover shareholder loans, demerger share issues, buy-backs, and specified group-entity transactions.

Transactions excluded from the definition of dividend include certain share distributions on fully paid shares, loans or advances in the ordinary course of a company's business where money-lending is substantial, set-off of prior dividend amounts, demerger-related share distributions, and specified group-entity transactions involving a Finance Company or Finance Unit and a listed foreign parent or principal entity. The earlier dividend definition also covered buy-back payments and similar exclusions, with key terms drawn from the relevant IFSC regulations and prescribed conditions.

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