FM's tax cut: Buyback relief for firms as retrospective rule goes

The government’s decision to not impose the new buyback distribution tax on companies that had already announced their repurchase programme prior to the Union Budget has come as a big relief for India Inc. While the 20 per cent tax was announced in the Union Budget, it was applicable retrospectively from April 1, the start of a new financial year. Buybacks worth nearly Rs 15,000 crore by nearly 20 companies, including Wipro and Adani Ports & SEZ, were hit by the unexpected move. On Friday, Finance Minister Nirmala Sitaraman said listed companies that had announced buyba.....

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