https://www.taxtmi.com/highlights?id=79956 Income Tax: Tax on distributed income of domestic company for buy-back of shares to be treated as dividend in hands of shareholders. Cost of acquisition of shares bought back to generate capital loss for shareholders, allowing set-off against subsequent capital gains. Deeming value of consideration for bought back shares as nil for computing capital loss. Amendments effective from October 1, 2024 for any buy-back on or after that date. Aims to widen tax base and prevent avoidance by aligning treatment of dividends and buybacks. en-us Tue, 30 Jul 2024 21:45:15 +0530 Tue, 30 Jul 2024 21:45:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=79956 Income Tax: Tax on distributed income of domestic company for buy-back of shares to be treated as dividend in hands of shareholders. Cost of acquisition of shares bought back to generate capital loss for shareholders, allowing set-off against subsequent capital gains. Deeming value of consideration for bought back shares as nil for computing capital loss. Amendments effective from October 1, 2024 for any buy-back on or after that date. Aims to widen tax base and prevent avoidance by aligning treatment of dividends and buybacks. Highlights Bill Tue, 30 Jul 2024 21:45:15 +0530 https://www.taxtmi.com/highlights?id=79956