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        Bills

        Exemption of deduction of tax at source on payment of Dividend to business trust in whose hand dividend is exempt

        1 February, 2021

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        Budget 2021-22 + FINANCE Bill, 2021

        Exemption of deduction of tax at source on payment of Dividend to business trust in whose hand dividend is exempt

        Section 194 of the Act provides for deduction of tax at source (TDS) on payment of dividends to a resident. The second proviso to this section provides that the provisions of this section shall not apply to such income credited or paid to certain insurance companies or insurers. It is proposed to amend second proviso to section 194 of the Act to further provide that the provisions of this section shall also not apply to such income credited or paid to a business trust by a special purpose vehicle or payment of dividend to any other person as may be notified.

        This amendment will take effect retrospectively from 1st April, 2020.

        [Clause 44]

         

        Full Text:

        Budget 2021-22 + FINANCE Bill, 2021

        TDS exemption on dividend payments to business trusts now excludes withholding where dividends are exempt in the trust's hands. The second proviso to section 194 is amended to exclude payment of dividends from withholding where dividends are credited or paid to a business trust by a special purpose vehicle or to other notified persons; the amendment is made retrospective to the start of the prior financial year.
                        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.

                              TDS exemption on dividend payments to business trusts now excludes withholding where dividends are exempt in the trust's hands.

                              The second proviso to section 194 is amended to exclude payment of dividends from withholding where dividends are credited or paid to a business trust by a special purpose vehicle or to other notified persons; the amendment is made retrospective to the start of the prior financial year.


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