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of <h1>Finance Bill 2020: Abolishes Dividend Distribution Tax, Taxes Dividends in Shareholders' Hands from April 2021.</h1> The Finance Bill, 2020 proposes to abolish the Dividend Distribution Tax (DDT) and shift to a classical system where dividends are taxed in the hands of shareholders or unit holders. Previously, companies and mutual funds paid DDT, making dividends tax-exempt for recipients. The amendments will ensure dividends are taxed at applicable rates for recipients, addressing inequities in the current system. Changes include amendments to various sections such as 115-O, 115R, and 194, among others, to facilitate this transition. These amendments will take effect from April 1, 2021, with some provisions effective from April 1, 2020.
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