23 September 2013
During the financial year 2003-2004, as per section 115-O of the Income-tax Act, 1961, dividend other than deemed dividend under section 2(22)(e) will be subject to payment of tax by the companies declaring dividend @ 12.5% plus surcharge of 0.3125.
With effect from 1st April, 2003, no deduction of tax will be made by an Indian company on dividend paid by it to resident shareholders who are individuals or Indian companies.
CAclubindia
