Flat 12% share buyback surcharge only on promoters: IT department

This surcharge applies only to an additional tax levied on the capital gain.The 12% flat surcharge under the new share buyback taxation regime introduced in this year’s Finance Bill will apply only in the case of promoters, the Income Tax Department said on Thursday in a social media post. This surcharge applies only to an "additional tax" levied on the capital gain. This additional tax increases the effective tax rate on the consideration received for a buyback to 30% for promoters and 22% for...