A company has declared an interim dividend for the f.y.2011-12 in the month of August 2012. Whether challan for the DDT payable on such dividend should bear A.Y.2012-13 OR A.Y.2013-14
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Dividend distribution tax
Replies (7)
It should be for A.Y. 2013-14.
IT SHOULD BEAR A.Y. 2012-13 AS THE TAX IS PAID FOR THE A.Y.2012-13.
Yes, I agreed with M Nager it should be for AY 2012-2013
Could Company declare interim dividend for a financial year being finalised???? hmmm,
IT SHOULD BE A.Y. 2012-13.
Since, the Interim dividend is declared in august 2012 which means it is the income of the receiver of income for the financial year 2012-13. he will show the income for the P.Y 2012-13.
Accordingly, DDT shall be for the A.Y 2013-14 irrespective of the year to which it relates.
As per Section 115 "O" The company shall be liable to pay the tax on distributed profits to the credit of the Central Government within fourteen days from the date of—
(a) declaration of any dividend; or
(b) distribution of any dividend; or
(c) payment of any dividend,
whichever is earliest.
It means income tax is for the assessment year in which income is generated and income is generated as early as any of the activity given above happens.
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