Declaration of Dividend

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Devendra (Querist)
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03 December 2010 Whether dividend declared by a co-operative society is exempt in the hands of receiver? Does the co-operative society have to pay dividend distribution tax on the dividend distributed? If yes, at what rate ddt is to be paid?

Regards,
Devendra. K

CA Dhiraj Ramchandani

CA Dhiraj Ramchandani (Expert)
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03 December 2010 Yes, afa my knowledge is concerned, such dividend is exempted in the hands of reciever and tax on such profit distribution is paid by society.... But mind it here, dividend can b paid only to the member of society, and such amount shud b paid only after transferring 1/4 of profit to reserves......

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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03 December 2010 Not exempt in the hands of shareholders since such dividend is not covered in section 10(34).
Co-op.Society need not pay dividend distribution tax since it is applicable only for domestic company as defined in section 2(22A).

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CA Dhiraj Ramchandani

CA Dhiraj Ramchandani (Expert)
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03 December 2010 Thank u sir for clarifications...

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