Buyback profit reporting in itr

Taxation
1

I’m filling ITR -2 by myself (without approaching a CA).

From all articles online, I understand that profit from buyback of shares (of listed Indian Company) is exempt under section 10(34A). Hence I will not shown profit from Buyback under Capital Gains tabs.

I will be showing the profit from buyback of shares directly under EXEMPT INCOME schedule- Others column with description - “Profit from Buyback of shares”.

Please confirm above process is correct.

2

@Quicko pls assist

3

As far as I know you still have to declare that income. @Quicko can help you better in this.

1 Like
4

Hey @Janice_Moraes,

Yes, the mentioned process is correct. You need to report the profits from buyback under schedule EI (Exempt Income).

5

@Quicko - I couldn’t locate section 10(34A) under exempted income (filing ITR 3), pls suggest where to show buyback income and do I need to capture the entire consideration amount or just the profit from buyback as exempted income.