Accounting For Corporate Dividend Tax

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Hitesh Arora (Querist)
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04 June 2010 What Corporate Dividend Tax rate we should take for making provision for Coporate Dividend TAx i.e we should take Corporate Dividend Tax rate existing on the balance sheet date or rate existing on the date of signing of annual accounts?

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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05 June 2010 AS PER MY OPINION Corporate Dividend Tax rate existing on the balance sheet date.

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Hitesh Arora

Hitesh Arora (Querist)
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06 June 2010 Sir on what basis you give this opinion/

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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07 June 2010 PROVISION IS MADE AS PER INFORMATION AVAILABLE AT THE DATE OF BALANCE SHEET.

Hitesh Arora

Hitesh Arora (Querist)
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10 June 2010 Sir But if we know reduced tax rate on date of signing of balance sheet date than can we consider that rate? this is same provision that we consider while creating deferred tax provision..

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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11 June 2010 we make the provision at the balance sheet date, because of that i think Tax rate existing on the balance sheet date is apply for provision.

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C.A Rohit Gambhir

C.A Rohit Gambhir (Expert)
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02 June 2011 Dear All,
If you check income tax act, dividend tax rates are not for the assessment year but these rates are as on the date. The rates applicable for the provision would be for the year in which dividend would be approved by shareholders.

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