https://www.taxtmi.com/article/detailed?id=6919 An additional tax is imposed on domestic companies in respect of distributed income on buy-back of shares; the company and its principal officer must pay this tax within fourteen days of payment of consideration, the tax is final with no deduction or credit allowed, failure to pay attracts monthly simple interest and renders the company and principal officer assessee(s) in default. The measure defines "distributed income" as buy-back consideration reduced by the amount originally received for issue of the shares, and rules prescribe seven circumstances for determining that amount, including treatment for premium, returns, amalgamation, demerger, conversion and nil-consideration shares. en-us Tue, 02 Aug 2016 08:39:41 +0530 Tue, 02 Aug 2016 08:39:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6919 An additional tax is imposed on domestic companies in respect of distributed income on buy-back of shares; the company and its principal officer must pay this tax within fourteen days of payment of consideration, the tax is final with no deduction or credit allowed, failure to pay attracts monthly simple interest and renders the company and principal officer assessee(s) in default. The measure defines "distributed income" as buy-back consideration reduced by the amount originally received for issue of the shares, and rules prescribe seven circumstances for determining that amount, including treatment for premium, returns, amalgamation, demerger, conversion and nil-consideration shares. Articles Income Tax Tue, 02 Aug 2016 08:39:41 +0530 https://www.taxtmi.com/article/detailed?id=6919