Extra tax on dividend distributions reduces rebates and targets equity dividends exceeding customary returns, affecting corporate tax calculations. An extra tax on equity dividends for A.Ys.1964-65 to 1968-69 operated by withdrawal of rebate or as an income tax charge, applying to dividends in excess of a ten percent paid up equity threshold and to past excess distributions on which the extra charge could not previously be collected for want of rebate or taxable income; definitions of the 'relevant amount of distribution of dividends' and application timing varied across the years and a concession limited liability for companies declaring dividends for the first time within specified prior years.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Extra tax on dividend distributions reduces rebates and targets equity dividends exceeding customary returns, affecting corporate tax calculations.
An extra tax on equity dividends for A.Ys.1964-65 to 1968-69 operated by withdrawal of rebate or as an income tax charge, applying to dividends in excess of a ten percent paid up equity threshold and to past excess distributions on which the extra charge could not previously be collected for want of rebate or taxable income; definitions of the "relevant amount of distribution of dividends" and application timing varied across the years and a concession limited liability for companies declaring dividends for the first time within specified prior years.
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