Tax on distributed profits imposed on dividends of domestic companies, payable by company and principal officer within prescribed period.

A new Chapter XII-D imposes a tax on distributed profits of domestic companies on amounts declared, distributed or paid as dividends, payable by the company and its principal officer within a short period from the earliest of declaration, distribution or payment. The tax is the final payment in respect of those dividends with no further credit or deduction allowed. Interest is payable for late payment and failure to pay leads to deeming of the company and principal officer as assessee in default with recovery provisions applying.

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