Dividend tax deduction exemption applies to specified insurers, business trusts, and qualifying small non-cash payments to individuals.

Dividend tax deduction at source is not required under section 393(4) where dividends are paid or credited to specified insurers, a Business Trust receiving dividends from a Special Purpose Vehicle, or another person notified by the Central Government. The exemption also covers an individual shareholder where the dividend is paid otherwise than in cash and the aggregate dividend during the tax year does not exceed the specified threshold.

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