Tax on share of profit received from the closely held company

Even though it is paid out of tax paid income, still it is taxable in hands of shareholder since the abolition of dividend distribution tax. Said income were earlier exempted but now taxable.

Regards,

Manoj

It is a double taxation case since company can't claim dividend as allowance expenditure and shareholder on the other hand pays tax on said receipts. But unfortunately that what the law says.

Regards,

Manoj