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Widening of scope of Accumulated profits for the purposes of Dividend

Budget - Dated:- 5-2-2018 - Section 2 of the Act defines various terms used in the Act. Clause (22) of the said section defines dividend to include distribution of accumulated profits (whether capitalized or not) to its shareholders by a company, whe .....

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uction of capital, or (e) in the case of an unlisted company, any loan or advance given to a shareholder having shareholding of 10% or above,or to a concern in which such shareholder holds substantial interest (exceeding 20% of shareholding or intere .....

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pany up to the date of distribution or payment or liquidation, subject to certain conditions. Instances have come to light whereby companies are resorting to abusive arrangements in order to escape liability of paying tax on distributed profits. Unde .....

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