Tax deduction exemption for interest and dividend payments to the Corporation overrides withholding provisions under income-tax rules. The amendment inserts a provision that, notwithstanding the usual withholding provisions, no income-tax shall be deducted from interest or dividend ... Summary
Tax deduction exemption for interest and dividend payments to the Corporation overrides withholding provisions under income-tax rules.
The amendment inserts a provision that, notwithstanding the usual withholding provisions, no income-tax shall be deducted from interest or dividend payable to the Corporation in respect of securities or shares owned by it or in which it has full beneficial interest, creating a targeted exemption from deduction-at-source for those receipts.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.