The most recent change has been brought about by the Finance Act, 2026, which has substituted sub-Sections (2) and (3) of Section 69 of the Income Tax Act, 2025 (ITA 2025), corresponding to Section 46A of the ITA 1961. Under the amended provisions, effective from April 1, 2026, the consideration received by a shareholder on the buy-back of shares is once again treated as capital gains in the hands of the shareholder. The buy-back price is set at Rs. 250 per share, which represents a premium of approximately ...