AI Drafter - (New and Powerful) 
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter. 
TaxTMI 
TaxTMI 
Amendment of section 2.
X X X X Extracts X X X X
X X X X Extracts X X X X
....nserted, namely:-- "(f) any payment by a company on purchase of its own shares from a shareholder in accordance with the provisions of section 68 of the Companies Act, 2013 (18 of 2013.);"; (II) in the long line, clause (iv) shall be omitted; (b) in clause (42A), with effect from the 23rd day of July, 2024,-- (i) in the opening portion, for the words "thirty-six month....
X X X X Extracts X X X X
X X X X Extracts X X X X
....amend section 2 of the Income-tax Act relating to definitions. Clause (22) of the said section provides the definition of dividend which, inter alia, does not include any payment made by a company on purchase of its own shares from a shareholder in accordance with the provisions of section 77A of the Companies Act, 1956. It is proposed to amend the said clause so as to insert sub-clause....
X X X X Extracts X X X X
X X X X Extracts X X X X
....(not being a share listed in a recognised stock exchange) or a unit of a Mutual Fund specified under clause (23D) of section 10, which is transferred during the period beginning on the 1st day of April, 2014 and ending on the 10th day of July, 2014, the period of holding for the purposes of this clause would be twelve months. The clause also provides that in the case of a share of a company, not b....