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of <h1>Dividend Distribution Tax at 15% rate applied to domestic companies from April 2003 to March 2020 under Section 115O</h1> Section 115O of the Income Tax Act, 1961 imposed additional tax on dividend distributions by domestic companies at 15% rate from April 2003 to March 2020. The provision required companies to pay this tax within fourteen days of dividend declaration, distribution, or payment. Certain reductions were allowed for dividends received from subsidiaries that already paid such tax. Special exemptions applied to Special Economic Zone developers, business trusts, and International Financial Services Centre units. The tax was treated as final payment with no further credit claims allowed to companies or shareholders.
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