9911796707
TMI BlogTax on distributed income to shareholdersX X X X Extracts X X X X X X X X Extracts X X X X ..... ing contained in any other provision of this Act, in addition to the income-tax chargeable in respect of the total income of a domestic company for any assessment year, any amount of distributed income by the company on buy-back of shares 4[****] from a shareholder shall be charged to tax and such company shall be liable to pay additional income-tax at the rate of twenty per cent on the distribute ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in force relating to companies]; (ii) "distributed income" means the consideration paid by the company on buy-back of shares as reduced by 3[the amount, which was received by the company for issue of such shares, determined in the manner as may be prescribed ]. (2) Notwithstanding that no income-tax is payable by a domestic company on its total income computed in accordance with the provisions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er sub-section (1) or the tax thereon.] **************************** Notes: 1. Inserted vide the Finance Act with effect from the 1st day of June, 2013 2. Substituted vide THE FINANCE ACT, 2016 w.e.f. 1st day of June, 2016 , before it was read aS, "section 77A of the Companies Act, 1956 (1 of 1956)" 3. Substituted vide THE FINANCE ACT, 2016 w.e.f. 1st day of June, 2016 , before it was read aS ..... X X X X Extracts X X X X X X X X Extracts X X X X
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