Dividend related

This query is : Resolved

rajni (Querist)
Follow

11 September 2013 The amount of Dividend after deducting tax at source, if
applicable, should be deposited in a separate bank account
within five days from the date of declaration of Dividend. Do these 5 days also includes sundays?

Ajay Mishra

Ajay Mishra (Expert)
Follow

11 September 2013 Hi

Section 205A state that the amount of dividend including interim dividend shall be deposited in a separate bank account within five days from the date of such declaration. Therefore, a company cannot use the amount even upto the period of thirty days and it is obligatory on the part of the company to keep the entire amount of the dividend into a separate bank account, which shall be exclusively utilised for payment of the dividend.

A company which has declared dividend must open an account in a scheduled bank and transfer the entire net amount of dividend to the above account within 5 days from the date of declaration and simultaneously should dispatch the dividend warrants to the shareholders and should not wait for 37 days to transfer the amount to that account.

After reading the provision of section, it does not says that public holiday will be excluded.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

manojkumarkk

rajkumar yadav

C G K MURTHY

CA.Gopal Rathi

MAHESHA RAMANNA

Subscribe Now

Dividend related

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Manager- Finance and Compliance

Article Assistant

Accountant

GST CONSULTANCY

CA Final