Comment on the following in the context of provisions contained in the Income-tax Act, 1961: The provisions of dividend distribution tax are applicable to an undertaking or enterprise engaged in developing, operating and
CS Professional · Advanced Tax Laws and Practice · PYQS · June 2015
Comment on the following in the context of provisions contained in the Income-tax Act, 1961: The provisions of dividend distribution tax are applicable to an undertaking or enterprise engaged in developing, operating and maintaining a special economic zone (SEZ).
Answer & Explanation:
Finance Act, 2011 inserted a proviso to sub-section 6 of Section 115O of Income Tax Act, 1961 by which the provisions of Section 115O relating to dividend distribution tax (DDT) shall also be applicable on an enterprise or undertaking engaged in developing, operating and maintaining a SEZ. Thus, the exemption from DDT in the case of SEZ Developers under the Income-tax Act for dividends declared, distributed or paid is not available after 1st June, 2011.
Topics: Income Tax
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