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Income-tax (28th Amendment), Rules, 2016 - Special Provisions Relating to Tax on Distributed income of Domestic Company for Buy-Back of Shares

Income Tax - 94/2016 - Dated:- 17-10-2016 - MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 94/2016 New Delhi, the 17th October, 2016 INCOME-TAX G.S.R. 982(E).-In exercise of the powers conferred by section 115QA read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely: - 1. (1) These rules may be called the Income-tax (28th Am .....

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share issued by it, being the subject matter of buy-back referred to in the said section, shall be determined in accordance with this rule. (2) Where the share has been issued by a company to any person by way of subscription, amount actually received by the company in respect of such share including any amount actually received by way of premium shall be the amount received by the company for issue of such share. (3) Where the company had at any time, prior to the buy-back of the share, return .....

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ich an employees stock option has been granted or as part of sweat equity shares, the fair market value of the share as computed in accordance with sub-rule (8) of rule 3, to the extent credited to the share capital and share premium account by the company shall be deemed to be the amount received by the company for issue of said share: Explanation.- For the purposes of this sub-rule the expression sweat equity shares shall have the meaning assigned to it in clause (b) of the Explanation to sub- .....

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ulting company in respect of shares issued by it under a scheme of demerger, shall be the amount which bears the amount received by the demerged company in respect of the original shares determined in accordance with this rule in the same proportion as the net book value of the assets transferred in a demerger bears to the net worth of the demerged company immediately before such demerger. (7) The amount received by the demerged company in respect of the original shares in the demerged company s .....

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et or the liability, as determined by a merchant banker, the same proportion as the part of consideration being paid by issue of shares bears the total consideration; (b) the amount of consideration for acquisition of the asset or settlement of the liability to be paid in the form of shares, to the extent credited to the share capital and share premium account by the company; B= the number of shares issued by the company as part of consideration: Explanation.- For the purposes of this sub-rule, .....

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ance-sheet as reduced by any amount of tax paid as deduction or collection at source or as advance tax payment as reduced by the amount of tax claimed as refund under the Income-tax Act and any amount shown in the balance-sheet as asset including the unamortized amount of deferred expenditure which does not represent the value of any asset; Explanation.-For determining book value of the assets, any change in the value of the assets consequent to their revaluation shall be ignored. B= book value .....

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