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of <h1>Domestic Companies Must Pay Dividend Tax Within 14 Days; No Deductions Allowed; Penalties for Non-Compliance</h1> Every domestic company must pay a tax on dividends declared, distributed, or paid to shareholders, based on rates in the Second Schedule. This tax is reduced by dividends received from subsidiaries that have already paid the tax. The company or its principal officer must pay this tax to the Central Government within fourteen days of the dividend declaration, distribution, or payment. No deductions are allowed for this tax, which is considered final. Failure to pay results in being deemed a default assessee, with applicable penalties and interest. The tax applies regardless of the company's income tax liability.
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