减资是企业实现长期生存并优化财务报表的策略。减资是公司弥补累计亏损、改善财务结构的有效工具。在减资过程中，公司通过降低股票面值、注销部分股份、注销特定类别股份等多种方式减少股本。
与其他交易一样，减资也会对股东和公司产生所得税影响。这一交易看似简单，但从所得税的角度来看，它涉及多个层面。
本文将详细探讨减资对股东产生的所得税影响：
1. 什么是资本减资？
- 减资是指公司通过多种方式减少股本的方法。减资通常通过注销股份来实现，而注销股份的对价则以现金或实物形式支付给股东。
- 例如，某公司拥有两类普通股。公司决定通过注销其中一类普通股来进行减资。
- 在这种情况下，公司会向股份被注销的股东支付相应价值。
- 塔塔汽车有限公司（Tata Motors Limited）是近期减资的一个案例。该公司当时拥有两类普通股（“A”类普通股和普通股）。公司决定注销“A”类普通股。
- 然而，塔塔汽车有限公司以普通股作为交换，配发给了“A”类普通股的股东。
2. 股东层面减资的税务处理
- 当公司进行减资时，减资对价会以现金或实物形式支付给股东。
- 在这种情况下，注销股份所获得的对价在股东层面需按以下两种形式纳税：
2.1 视同股息：
- 1961年《所得税法》第2(22)(d)条规定了减资情况下的股息收入处理：
“(22) “股息”包括——
..
(d) 公司在减资时向股东进行的任何分配，其范围限于公司拥有的、在1933年4月1日之前的前一个财政年度结束之后产生的累计利润，无论这些累计利润是否已经资本化；
..”
- 根据第2(22)(d)条，在减资情况下，如果公司在上一个财政年度末拥有累计利润（无论是否已资本化），则支付的金额中相当于该累计利润的部分，在股东层面将被视为股息收入。
- 自2020年4月1日起，股息分配税（“DDT”）已被废除。自那时起，股息收入需由股东缴纳所得税。因此，此类股息收入应在股东层面纳税。
- 在某些情况下，股东可能并未实际收到现金形式的股息。然而，此类股息收入在股东层面仍需纳税。
2.2 资本利得
- 根据《所得税法》第2(14)条，股票被视为“资本资产”。
- 此外，根据1961年《所得税法》第2(47)(ii)条，资本资产权利的消灭应被视为股份的转让。相关条款重述如下，以供参考：
“(47) “转让”，就资本资产而言，包括——
(i) 资产的出售、交换或放弃；或
(ii) the extinguishment of any rights therein ; or
……”
- Since, the rights of the shareholder extinguishes due to cancellation of shares, such transaction shall be considered as “transfer” and accordingly such capital reduction shall be liable to capital gains.
- Consideration for transfer of shares shall be the consideration received, in cash or in kind, for share reduction in excess of the amount considered as deemed dividend.
- Period of holding for computation of capital gain shall be considered from the date of acquisition of shares reduced till the date of capital reduction.
2.3 Case Study
Income Tax implication in hands of shareholder can be understood with help of following example:
- Company A was having two class of equity shares namely “A” & “B”.
- The Company decided to carry out capital reduction with respect to Class “B” Shares.
- Total Number of Class B shares were 1,00,000 having face value of INR 10.
- Mr. X was holding 10,000 shares of Class “B” which where acquired at the rate of INR 50/-.
| Particulars |
Case-I |
Case-II |
Case-III |
| Accumulated Profit at the end of previous year pertaining to class “B” shares |
25,00,000 |
25,00,000 |
-10,00,000 |
| Dividend per share as per Section 2(22)(d) of the Act |
25/- |
25/- |
– |
| Consideration provided in cash per share |
100/- |
2 shares of Class “A” having market value of INR 40/- on date of capital reduction |
30/- |
| Amount received by Mr. X in Bank account for capital reduction |
10,00,000/- (10,000*100) |
NIL |
3,00,000 (10,000*30) |
| Shares allotted of Class “A” in pursuant of capital reduction |
– |
20,000 Shares of Class “A” worth INR 8,00,000/- |
– |
| Deemed Dividend Income |
2,50,000/- (10,000*25) |
2,50,000/- (10,000*25) |
– |
| Sales Consideration for computation of Capital Gains |
7,50,000 (10,00,000 - 2,50,000) |
5,50,000 (8,00,000 - 2,50,000) |
3,00,000 |
| Less: Cost of Acquisition |
5,00,000 (10,000*50) |
5,00,000 |
5,00,000 |
| Capital Gain/Capital Loss (Short Term or Long Term shall depend on the period of holding) |
2,50,000 |
50,000 |
-2,00,000 |
| Remarks |
|
Cost of Acquisition of Class “A” shares shall be INR 8,00,000 and date of acquisition shall be the date of allotment, i.e., date of capital reduction. |
|
3. Tax Implication in hands of the Company
- Since it is a capital transaction in the hands of the company, there will be no Income tax implication on the Company.
- However, since Dividend distributed by the company is liable to TDS, the Company shall deduct the TDS on the amount considered as the deemed dividend.
- In case where consideration is paid in kind, similar to case II, the company shall sell the newly allotted shares in the market which are required to paid TDS amount. E.g., TDS to be deducted in case II is INR 25,000 (2,50,000 * 10%). Market value of Class “A” shares is INR 40/-. The Company shall sell 625 shares in the market and shall deposit of the TDS of Mr. X. Accordingly, Mr. X will get the 19375 (20000-625) shares of Class A.
- In case of non-resident shareholders, The Company is liable to deduct Withholding Tax on Dividend income and capital gains amount as well.
4. Conclusion
The Shareholder needs to carry out proper calculation for the purpose of computation of capital Gains. Amount of Deemed Dividend can be extracted from Form 26AS, on which TDS is deducted. In case of allotment of new shares in consideration of reduced capital, the shareholders are required to pay income tax liability despite no amount is received in the bank account.
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