Certificate for lower or no tax deduction on dividends permits payment without deduction subject to ownership, application and validity conditions The Assessing Officer may issue a certificate authorising payment of dividends without deduction or at lower rates where the shareholder's total income justifies it and an application is made; eligibility requires shares in public companies held in the shareholder's name and beneficially owned (or held in trust for charitable or religious purposes with exempt dividends). The certificate is issued to the company's principal officer, is person-specific, limited in validity and subject to cancellation and cessation on notified transfer of shares.