TMI BlogTax on distributed profits of domestic companies.X X X X Extracts X X X X X X X X Extracts X X X X ..... Every domestic company shall be liable to pay tax on any amount of dividend declared, distributed or paid (whether interim or otherwise) to its shareholders, whether out of current or accumulated profits. (2) The tax on the dividend shall be charged at the rate specified in Paragraph B of the Second Schedule, on the amount referred to in sub-section (1). (3) The amount referred t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the tax thereon. (6) The tax on dividend so paid by the domestic company shall be treated as the final payment of tax in respect of the dividend declared, distributed or paid and no further credit shall be claimed by the domestic company or by any other person in respect of the tax so paid. (7) If the domestic company or, as the case may be, the principal officer of such compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on which the tax is actually paid. (9) Notwithstanding that no income-tax is payable by a domestic company on its total income computed in accordance with the provisions of Part A of this Code, the tax on dividend declared, distributed or paid under sub-section (1) shall be payable by such company. (10) In this section, — (a) a company shall be a subsidiary of another company ..... X X X X Extracts X X X X X X X X Extracts X X X X
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