<h1>Draft Rules u/s 115QA: Method for Calculating Tax on Share Buybacks Open for Public Comment Until July 31, 2016.</h1> Draft rules have been formulated under Section 115QA of the Income-tax Act, 1961, to prescribe the method for determining the amount received by a company concerning share buybacks. A 20% additional income tax is imposed on distributed income from the buyback of unlisted shares. The Finance Act, 2016 redefined distributed income to include the consideration paid by the company minus the original issue amount. These draft rules are available on the Finance Ministry and Income-tax Department websites for public comment until July 31, 2016.