End of buybacks?

"Buy-back of shares: It is proposed that the income from buy-back
of shares by companies be chargeable in the hands of recipient
investor as dividend, instead of the current regime of additional
income-tax in the hands of the company. Further, the cost of such
shares shall be treated as a capital loss to the investor."

So let's say you buy 100 shares @₹1000 for buyback 

buyback price ₹1200

40 got accepted 

60 sold at market @₹1000 

now you have 40*1200= ₹48000 as dividend income (taxable as per slab rate under income from other sources)

no capital gain or loss from 60 shares

40*1000=₹40000 capital loss from 40 shares (can be setoff against other capital gain but not from income from other sources or the actual buyback amount)

actual profit in this buyback = 200*40=₹8000

but if you have no capital gain/loss and has income over 7L now you have to pay tax on ₹48000 instead of ₹8000

deadline for this change is 1st Oct so expect a lots of buyback before that but after that buybacks will be a taxation nightmare as per my understanding 

This is good for people below the 7L income limit as buyback participation for retails will go down a lot and acceptance ratio of big companies like tcs will go up a lot so sure shot profit without any tax payment