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Draft Rules for prescribing the manner of determination of amount received by the company in respect of share - section 115QA of the Income-tax Act 1961

Income Tax - F No 370133/30/2016-TPL - Dated:- 25-7-2016 - F No 370133/30/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, Dated 25thJuly, 2016 Subject: -reg. Under section 115QA of the Income-tax Act, 1961 (the Act), additional Income-tax at the rate of 20 percentis levied on the distributed income arising out of buy back of unlisted share by the company. The distributed income was defined to be the consideration paid by the company .....

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r different circumstances in which the shares have been issued, is proposed to be provided through the amendments of the Income-tax Rules, 1962. The draft rules, on which comments and suggestion of stakeholders and general public may be sent electronically by 31st July, 2016 at the email address, ustpl1@nic.inin this regard, are as under: (1) Where the share has been issued by a company on its subscription by any person, the paid up amount actually received by the company in respect of such shar .....

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eu of the share or shares of an amalgamating company, then, the amount received by the amalgamating company in respect of such share or shares determined in accordance with this rule, shall be deemed to be the amount received by the amalgamated company in respect of the share so issued by it. (4) The amount received by a company, being a resulting company in respect of shares issued by it under a scheme of demerger shall be the amount which bears to the amount received by the demerged company in .....

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