Capital Reduction Before June 1, 2016, Not Taxed as Buyback Under Income-tax Act Section 115QA.

The interpretation of the provisions of Section 115QA, particularly whether it applies to the company's capital reduction scheme completed before June 1, 2016. - The capital reduction carried out and completed on May 31, 2016, does not fall under the definition of 'buyback' as per Section 115QA of the Income-tax Act. Consequently, the tax on distributed income to shareholders is not payable by the company. - AT .....

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