Diabytes
Dividend Distribution Tax News
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It is to be noted that under the corporate system of taxation, a corporate entity is considered a separate legal entity and is taxed in respect of its income. The shareholders are also taxed on dividend income received by them and this tax is called Dividend Distribution Tax (DDT).
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While presenting the Union Budget 2020-21 in Parliament on Saturday, the Union Finance Minister, Nirmala Sitharaman said, “The dividend shall be taxed only in the hands of the recipients at their applicable rates.”
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If the property is sold within 24 months, one has to pay a short-term capital gains tax (STCG) on the gains as per an individual`s income-tax slab.
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The tech giant's comments follow ITD's freezing its certain bank accounts in the country over a dispute on payment of dividend distribution tax (DDT) running into hundreds of crores.
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The U.S.-listed IT services has significant operations in India where the majority of its 260,000 employees reside.
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Dividends received from all mutual funds are tax-free in the hands of the investors.
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DDT has become burdensome for corporates due to various factors such as high rate, litigation on disallowance and hence the return on capital employed has significantly diminished.
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The achieved collections are about Rs 9,000 crore or 14 percent short of the projected target of Rs 7,05,000 crore.
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The government is considering scrapping a dividend distribution tax in its annual budget this month, as part of efforts to boost investor sentiment, a Television channel reported on Thursday, citing unnamed sources.
Union Commerce and Industry Minister Nirmala Sitharaman on Saturday said that the government was aware that inventors in SEZs were facing issues related to minimum alternate tax and dividend distribution tax, and it was planing to usher in some curative policies.
Seeking to revive the beleaguered Special Economic Zones, Prime Minister Narendra Modi will hold a meeting of the officials of commerce and finance ministries on Saturday to sort out the taxation and other problems hampering the implementation of the scheme.
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