Budget 2017-18-Rationalization of taxation of dividend income. Provisions of section 115BBDA not to apply to domestic company and certain funds, trusts etc
Budget 2017-18-Rationalization of taxation of dividend income
Under the existing provisions of section 115BBDA, income by way of dividend in excess of Rs. 10 lakh is chargeable to tax at the rate of 10% on gross basis in case of a resident individual, Hindu undivided family or firm.
With a view to ensure horizontal equity among all categories of tax payers deriving income from dividend, it is proposed to amend section 115BBDA so as to provide that the provisions of said section shall be applicable to all resident assessees except domestic company and certain funds, trusts, institutions, etc.
This amendment will take effect from 1st April, 2018 and will, accordingly apply in relation to the assessment year 2018-19 and subsequent years.
----------- Similar Posts: -----------Addition u/s 68 for jewellery purportedly received on death of grandparent under Will upheld. In a recent judgment, ITAT upheld…
Supreme Court lays down tests to determine whether a debt is a financial debt or an operational debt under IBC…
Merely because directors of two companies were common not mean that deposits received was bogus and companies were shell companies…
Application though named as rectification but if tax imposed is not legitimate then it also touches upon the merit –…
Cost of acquisition as on 01.04.1981 taken as per valuer report by reverse indexing of current FMV to be further…
ITAT directed AO to serve notice of hearing both through electronic and physical mode upon the assessee In a recent…