Tax payment on dividend payment to beneficial owner of shares
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Dear Members,
Greetings!!
If shares are registered on the name of Mr.A ( registered Owner) in Regsiter of Members, and beneficial interest in held by Mr. B ( beneficial owner) then income tax payment is to be made by whom on dividend amount, Mr. A or Mr. B, please suggest.
Thanks in Advance.
Read more on : payment shares owner beneficial dividend
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Dear Members
As Mr. B is the beneficial owner of the company entitled to receive dividend will also be liable to pay income tax on such dividend amount.
Under section 194 of the Income-tax Act, 1961:
The company declaring the dividend will have to deduct TDS at 10% on dividend income above Rs.5000 for an individual; this rate will be increased to 20% in the absence of PAN submission by the recipient of dividend income.
Hope this may be helpful!