Pursuant to the Finance Act 2020 with effect from April 1 2020 Dividend Distribution Tax has been abolished and dividend income is taxable in the hands of the shareholders.
In this regard please find enclosed herewith a communication which has been sent to all the resident shareholders of the Company whose dividend amount exceeds Rs. 5 000/- based on holding as on 31st July 2020 and all the non-resident shareholders of the Company on 11th August 2020 explaining the process on withholding tax from dividends paid to the shareholders at prescribed rates along with the necessary annexures.
This communication has also been made available on the website of the Company.
The specimen of the communication is appended for your reference and records.
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