Tax on distributed profits of Domestic Companies - (Old) Section 115-O(1) & (2) to (8) [ Upto 31.03.2020 ]

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....• Domestic companies only. • Dividends declared, distributed, or paid: • On or after 1 April 2003, and • On or before 31 March 2020. The provision ceased to operate for dividends distributed on or after 1 April 2020 because the Finance Act, 2020 abolished the DDT regime and shifted taxation to shareholders. Non-obstante Clause • This ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....;the domestic company and the company shall be liable to pay the tax on distributed profits to the credit of the Central Government within fourteen days from the date of-  (a) declaration of any dividend; or  (b) distribution of any dividend; or  (c) payment of any dividend, whichever is earliest. Deemed Dividend under Section 2(22)(e) [ w.e.f. ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., TDS, or claim any tax credit in respect thereof. Disallowance of Deduction for DDT and Taxed Distributed Profit [ Section 115(5) ] No deduction under any provision of the Act shall be allowed to: • the company, or • the shareholder, in respect of: • the amount charged to DDT, or • the DDT itself. Exemption from DDT for SEZ Developer....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....p;a business trust. 3. Dividend Source Dividend should be distributed out of current income earned after the specified date. 4. Timing Dividend must be paid on or after the specified date. DDT Exemption for IFSC Units Earning Income in Convertible Foreign Exchange [ Section 115(8) ] The company must: • be located in an IFSC, and • earn inc....