Income Tax - Article explains Meaning of Dividend as per Secretarial Standard-3, Types of Dividend and Process for declaration of Final dividend by Private Limited Companies under Section 123 of Companies Act, 2013 Read With Companies (Declaration And Payment Of Dividend) Rules, 2014. √ Meaning of Dividend as per Secretarial Standard-3 “Divide...
Read MoreIncome Tax - Up to Assessment Year 2020-21, if a shareholder gets dividend from a domestic company, then he shall not be liable to pay any tax on such dividend as it is exempt from tax under section 10(34) of the Act, subject to Section 115BBDA which provides for taxability of dividend in excess of Rs. 10 lakhs. […]...
Read MoreIncome Tax - DECLARATION OF DIVIDEND SECTION 123 TO SECTION 127 OF THE COMPANIES ACT 2013 READ WITH COMPANIES (DECLARATION AND PAYMENT OF DIVIDEND) RULE 2014 Definition of Dividend Section 2(35) of Companies Act 2013 dividend includes interim dividend. Interim Dividend Means – The Dividend which is declared between financial year/ Calendar year ...
Read MoreIncome Tax - Withdrawal of concessional rate of taxation on dividend income under section 115BBD Section 115BBD of the Act provides for a concessional rate of tax of 15 % on the dividend income received by an Indian company from a foreign company in which the said Indian company holds 26 % or more in nominal value of […]...
Read MoreIncome Tax - Interim Dividend can be declared out of profits from start of current year till end of quarter preceding the date of declaration and accumulated profits of previous financial year, which are not yet transferred to the free reserves. Thus, the period can be more than 12 months in such cases....
Read MoreBarclays Capital Mauritius Limited Vs ACIT (ITAT Mumbai) - ITAT Mumbai held that in terms of the provisions of the applicable tax treaty, i.e., Indo-Mauritius tax treaty, and as the provisions of the applicable tax treaty, being more beneficial to the assessee, override the provisions of the domestic law, the taxability of the dividends on the IDRs fails....
Read MoreManmohan Textiles Limited Vs National Faceless Appeal Centre (ITAT Mumbai) - Manmohan Textiles Limited Vs National Faceless Appeal Centre (ITAT Mumbai) Provisions of Section 10(34) of the Act which stood amended by the Finance Act, 2020 and is applicable from A.Y.2021-22 onwards. For the sake of convenience, the amended provisions of Section 10(34) of the Act are reproduced ...
Read MorePCIT Vs PNB Housing Finance Ltd (Delhi High Court) - Individual affairs are conducted and business decisions are made in expectation of consistency, uniformity and certainty and to detract from those principles is neither expedient nor desirable....
Read MoreMukkaram Jan Vs SEBI (Karnataka High Court) - Karnataka High Court held that once the dividend is paid by the company, SEBI has no power to initiate any action against the company or its directors who have defaulted in payment of dividend as specified under Section 207 of the Companies Act, 1956....
Read MoreDCIT Vs Lalitkumar K. Jain (ITAT Pune) - Assessee had not disputed that he is common shareholder in both companies, however, contended that provisions of section 2(22)(e) have no application, inasmuch as, loan advanced was in ordinary course of its business....
Read MoreREF: IRDAUF8t1/CIR/INV/255/09/2021 - (27/09/2021) - IRDAI permits Insurers to classify investments in Preference Shares and Equity Shares as part of Approved Investment of for at least 2 consecutive years immediately preceding (as required under Regulation 3(a)(4) and 3(a)(S) of IRDAI (Investment) Regulations, 2016) for the period from 1st October, 2...
Read MoreBarclays Capital Mauritius Limited Vs ACIT (ITAT Mumbai) -
Manmohan Textiles Limited Vs National Faceless Appeal Centre (ITAT Mumbai) -
PCIT Vs PNB Housing Finance Ltd (Delhi High Court) -
Mukkaram Jan Vs SEBI (Karnataka High Court) -
DCIT Vs Lalitkumar K. Jain (ITAT Pune) -
Information Technology Park Ltd. Vs ITO (ITAT Bangalore) -