https://www.taxtmi.com/article/detailed?id=2067 The proposal inserts a self-contained chapter charging domestic companies an additional tax on distributed income arising on buy-back of unlisted shares, where distributed income is the buy-back consideration less the amount received on issue of those shares. The company is liable to pay the additional tax even if it has no other taxable income; the corresponding receipt is exempt in the hands of the shareholder. The computation disallows indexing or reference to subsequent acquisition price, and procedural provisions mirror dividend distribution tax including finality of tax and liability of the principal officer for payment. en-us Wed, 06 Mar 2013 08:00:43 +0530 Wed, 06 Mar 2013 08:00:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=2067 The proposal inserts a self-contained chapter charging domestic companies an additional tax on distributed income arising on buy-back of unlisted shares, where distributed income is the buy-back consideration less the amount received on issue of those shares. The company is liable to pay the additional tax even if it has no other taxable income; the corresponding receipt is exempt in the hands of the shareholder. The computation disallows indexing or reference to subsequent acquisition price, and procedural provisions mirror dividend distribution tax including finality of tax and liability of the principal officer for payment. Articles Income Tax Wed, 06 Mar 2013 08:00:43 +0530 https://www.taxtmi.com/article/detailed?id=2067