Shridhi Jain (Company Secretary) (1678 Points)
06 December 2010Pls tell me in DIVIDEND REGISTER, there are columns 'Gross dividend', 'new amount payable' and 'Income tax deducted'.
Wat is to be filled in these fields as the dividend tax is payable by the company and the tax is not deducted from the shareholders' portion of dividend.
Jaideep
(Service)
(1368 Points)
Replied 16 December 2010
We can use "Not Applicable" in this coloumn as they are not applicable now.
Some provisions of the companies act are redundant, though they are not specifically mentioned, because of technological advancement, subsequent amendmentsand like. I can quote example of section here 372.
Also Non-executive / Independent director are no where defined in Companies act, and therefore we interpret them applying general meaning or whereever else these are defined in some other source of laws.
CA ASHISH GUPTA
(FCA, LL.B., MBA)
(390 Points)
Replied 21 December 2010
Earlier TDS provisions were applicable over dividend. Section 194 prescribed abt TDS on devidend and dividend u/s 115 O is being exempted, which is inserted in 1997.
Pavan Jain S
(Chartered Accountant)
(1575 Points)
Replied 22 December 2010
TDS Exemption is applicable only to domestic companies and not to other companies. Domestic companies are defined in Income Tax Act. The TDS Column will be applicable in case of dividend is declared by Non Domestic COmpanies
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 22 December 2010
Dear Shriddhi,
You just have to mention N.A. in those columns and hte gross and net dividend would be equal. Dividend is exempted to tax therefore, TDS is not to be deducted.
CAclubindia
