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of <h1>Shareholders can apply for no or lower tax deduction on dividends under Rule 29 of Income Tax Rules, 1962.</h1> Rule 29 of the Income Tax Rules, 1962, allows a shareholder to apply for a certificate from the Assessing Officer for no deduction or lower deduction of tax on dividends. This is applicable if the shares are in public companies, beneficially owned by the shareholder, and the dividends are not included in another person's income, or if the shares are held for charitable or religious purposes and exempt from tax. The certificate is valid for up to three years and is specific to the shareholder named. It becomes invalid upon transfer of the shares or cancellation by the Assessing Officer.
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