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of <h1>New Income Tax Rule: Section 115-O Imposes 10% Tax on Dividends by Domestic Companies, Effective June 1997.</h1> A new Chapter XII-D is introduced in the Income-tax Act, effective June 1, 1997, concerning the tax on distributed profits of domestic companies. Section 115-O mandates a 10% additional income-tax on dividends declared, distributed, or paid by domestic companies, regardless of whether the company owes income-tax on its total income. The principal officer and the company must pay this tax within 14 days of dividend declaration, distribution, or payment. This tax is final, with no further credits or deductions allowed. Failure to pay results in a 2% monthly interest and the company being deemed in default, subject to recovery provisions.
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