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Interest On Dividend Distribution Tax

Others 8361 views 1 replies
One of my clients a Private Limited Company declared dividend on agm conducted on 31.08.2009. dividend declared is Rs 209,650 and DDT payable on the same is Rs 35630/-. Provision is kept for the same in the financial statement of 2008-2009. Hitherto DDT is not paid to the Government. Is there any interest chargable on non-payment of DDT of Rs 35630, if it is paid now?
Replies (1)

Dear Siva,

As per Sec 115 O- DDT is to be paid 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.

 

In case of failure Interst @ 1% per month is payable as per Sec 115P

 

Further,  Tax Auditor has to comment in his report


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