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TDS on Deemed Dividend

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(Querist)
01 August 2008 What is Deemed Dividend how is liable to deduct TDS on Deemed Dividend. Please advise. Thanks
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
01 August 2008 The amount of advance can be treated as deemed dividend u/s 2(22)(e) of the Income Tax Act if the company is having accumulated profits available for distribution of dividends to the tune of advances. In that case the amount will be taxable in the hands of director/shareholder u/s 56 of the Income Tax Act. Also, the company will have to deduct Tax at Source u/s 194. Further, dividend distribution tax u/s 115O is not payable in such a case
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