STRENGTHENING ANTI-ABUSE MEASURES - Tax on income distributed to shareholder in case of listed companies

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....nty per cent. of the distributed income on account of buy-back of unlisted shares by the company. As additional income-tax has been levied at the level of company, the consequential income arising in the hands of shareholders has been exempted from tax under clause (34A) of section 10 of the Act. This section was introduced as an anti-abuse provision to check the practice of unlisted companies re....