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Interest On Dividend Distribution Tax
One of my clients a Private Limited Company declared dividend on agm conducted on 31.08.2009. dividend declared is Rs 209,650 and DDT payable on the same is Rs 35630/-. Provision is kept for the same in the financial statement of 2008-2009. Hitherto DDT is not paid to the Government. Is there any interest chargable on non-payment of DDT of Rs 35630, if it is paid now?
Replies (1)
Dear Siva,
As per Sec 115 O- DDT is to be paid within fourteen days from the date of—
(a) declaration of any dividend; or
(b) distribution of any dividend; or
(c) payment of any dividend,
whichever is earliest.
In case of failure Interst @ 1% per month is payable as per Sec 115P
Further, Tax Auditor has to comment in his report
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