26 January 2018
As per the provisions of Income Tax (IT) Act, 1961 as contained in Section 10(34), any income by way of dividends in listed securities on which the dividend distribution tax has been paid under Section 115-O of the IT Act is exempt from the levy of income tax. As the dividend received from Sangli Urban Co-operative Bank Ltd is not subject to dividend distribution tax, the whole income received by way of dividend is taxable
CAclubindia
