{"id":3732,"date":"2020-06-17T11:19:59","date_gmt":"2020-06-17T05:49:59","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=3732"},"modified":"2020-06-17T11:19:33","modified_gmt":"2020-06-17T05:49:33","slug":"exemption-for-dividend-income-received-indian-company-sec-10-34","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/exemption-for-dividend-income-received-indian-company-sec-10-34\/","title":{"rendered":"Exemption for dividend Income received from Indian Company Sec.10 (34)"},"content":{"rendered":"<p>The dividend is basically a part of the profit of the company to distribute to the shareholders of the company. Moreover, as per section 10(34) of the Income Tax Act, income referred to in section 115-O of the Income-tax Act is exempt from the Income Tax as per section 10(34) of the<a href=\"https:\/\/aktassociates.com\/blog\/section-119-of-income-tax-act\/\"> Income Tax Act.<\/a><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3741 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2020\/06\/Exemption-for-dividend-Income-received-from-Indian-Company-Sec.10-34-1.jpg\" alt=\"Exemption for dividend Income received from Indian Company Sec.10 (34) \" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2020\/06\/Exemption-for-dividend-Income-received-from-Indian-Company-Sec.10-34-1.jpg 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2020\/06\/Exemption-for-dividend-Income-received-from-Indian-Company-Sec.10-34-1-300x171.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2020\/06\/Exemption-for-dividend-Income-received-from-Indian-Company-Sec.10-34-1-20x11.jpg 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/exemption-for-dividend-income-received-indian-company-sec-10-34\/#Definition_of_section_1034\" title=\"Definition of section 10(34):-\">Definition of section 10(34):-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/exemption-for-dividend-income-received-indian-company-sec-10-34\/#Overview\" title=\"Overview:-\">Overview:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/exemption-for-dividend-income-received-indian-company-sec-10-34\/#Section_115-O\" title=\"Section 115-O:-\">Section 115-O:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/exemption-for-dividend-income-received-indian-company-sec-10-34\/#Dividend_Distribution_Tax\" title=\"Dividend Distribution Tax\">Dividend Distribution Tax<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/exemption-for-dividend-income-received-indian-company-sec-10-34\/#Section_115BBDAe\" title=\"Section 115BBDAe\">Section 115BBDAe<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/exemption-for-dividend-income-received-indian-company-sec-10-34\/#Todays_Scenario\" title=\"Today\u2019s Scenario\">Today\u2019s Scenario<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/exemption-for-dividend-income-received-indian-company-sec-10-34\/#Finance_Act\" title=\"Finance Act:-\">Finance Act:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/aktassociates.com\/blog\/exemption-for-dividend-income-received-indian-company-sec-10-34\/#Resident_Shareholder\" title=\"Resident Shareholder\">Resident Shareholder<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/aktassociates.com\/blog\/exemption-for-dividend-income-received-indian-company-sec-10-34\/#For_Non-Resident_Shareholder\" title=\"For Non-Resident Shareholder\">For Non-Resident Shareholder<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/aktassociates.com\/blog\/exemption-for-dividend-income-received-indian-company-sec-10-34\/#Conclusion\" title=\"Conclusion:\">Conclusion:<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Definition_of_section_1034\"><\/span><strong>Definition of section 10(34):-<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As per section 10(34) of the Income Tax Act, Dividend income is exempt from the Income act, referred to in section 115-O. Also, Income chargeable under section 115BBDA is untouched from section 10(34) that is, Income will be taxable as per the provision of the section 115BBDA of Income-tax act.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Overview\"><\/span><strong>Overview:-<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"Section_115-O\"><\/span><strong>Section 115-O:-<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>It refers to any dividend distributed by the company (except Dividend mention under section 2(22)(e).<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Dividend_Distribution_Tax\"><\/span><strong>Dividend Distribution Tax<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As per the tax scenario, Previously, the domestic company was required to pay Dividend Distribution Tax, and basically, to avoid <a href=\"https:\/\/aktassociates.com\/blog\/how-to-get-relief-from-double-taxation\/\">double taxation<\/a>, the exemption under section 10(34) is provided to all domestic incomes on which the dividend is paid by domestic companies only.<\/p>\n<p><a href=\"https:\/\/aktassociates.com\/business-compliance\/yearly-compliance\/it-return-filing\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-3372 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2020\/01\/INCOME-TAX-RETUN.jpg\" alt=\"income tax return\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2020\/01\/INCOME-TAX-RETUN.jpg 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2020\/01\/INCOME-TAX-RETUN-300x64.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2020\/01\/INCOME-TAX-RETUN-20x4.jpg 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<p>but in today&#8217;s scenario, as the Financial Budget 2020 is announced the Dividend Distribution Tax is abolished. The dividend income is taxable in the hands of recipients only.<br \/>\nThis means that dividend received from an Indian company is exempted till 31 May 2020, as the company already paid Dividend Distribution Tax but from 1 April 2020, all dividend income will be taxable in the hands of investor only. Similarly, the tax of 10 percent on dividend receipts of resident individuals, <a href=\"https:\/\/aktassociates.com\/blog\/hindu-undivided-family-taxability-benefits\/\">HUF<\/a>, firms in excess of 10 percent are also withdrawn<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Section_115BBDAe\"><\/span><strong>Section 115BBDAe<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Provisions of this section come into picture when aggregate dividend income either as distributed or paid by the domestic company exceeds INR 10 Lakhs. Accordingly, <a href=\"https:\/\/aktassociates.com\/blog\/section-115baa-new-tax-rate-for-domestic-companies\/\">Section 115BBDA<\/a> levies 10% on the dividend income exceeding 10 lakhs.<\/p>\n<p><strong>Example<\/strong><br \/>\n1. Mr. A received a dividend from the company of Rs. 18 lakh while investing Rs.1 crore amount.<br \/>\nIn this case, Dividend income up to Rs. 10 lakhs will be exempt and income exceeding 10 lakh will be taxable under section 115bbda which levies 10 % i.e, (8,00,000*10%).<br \/>\nWherein Company is given a full exemption to not to pay Dividend Distribution Tax.<br \/>\n2. Ram received an Rs.7.5 lakh dividend from the Indian Company and accordingly, Company paid no DDT tax. Now, what will be the implication of this dividend income received?<\/p>\n<p>In this case, Sec10(34) will be applied wherein it will exempt the Dividend income of the Ram of Rs.7.5 lakhs as it is not exceeding Rs.10 lakh.<\/p>\n<p>However, the government is a proposal for removing the Dividend Distribution Tax but the notification is not received yet.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Todays_Scenario\"><\/span><strong>Today\u2019s Scenario<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In today\u2019s scenario companies has to deposit DDT within 14 days of declaration or payment of dividend<br \/>\nwhichever is earlier. provided that, dividend from foreign companies is taxable in the hands of the investor.<\/p>\n<p><strong>The mutual fund companies also pay the dividend distribution tax, the rates are as follows;-<\/strong><\/p>\n<p>a)On debt-oriented funds, the DDT shall be 25 percent.<br \/>\nb)On equity-oriented funds, the DDT shall be 10 percent.<br \/>\nEarlier it was exempt but now it is taxable.<\/p>\n<p><strong>However, with some things the DDT can be reduced which is;-<\/strong><\/p>\n<p>1)Maximize your tax deduction and adjustments.<br \/>\n2)Reduce your <a href=\"https:\/\/aktassociates.com\/blog\/comparison-old-and-new-income-tax-scheme\/\">taxable income<\/a>.<br \/>\n3)Live in a state with no tax.<br \/>\n4)If all these fail, you can retire early and reduce the reduction that way.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Finance_Act\"><\/span><strong>Finance Act:-<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Finance Act 2020, also impose TDS on dividend distribution on companies and <a href=\"https:\/\/aktassociates.com\/blog\/tax-saving-mutual-fund\/\">mutual fund<\/a> on or after 1 April 2020. The normal rate of TDS is 10 percent on dividend paid by an Indian company or mutual fund company in excess of 5000 rupees<br \/>\nHowever, due to COVID-19 pandemic the government the TDS rate 7.5 percent from 10 percent.<\/p>\n<p><strong>For example,<\/strong> Mohit is the dividend income of rupees 6000 then, the company shall deduct 7.5 percent of received dividend income, and remaining shall be received by the investor which is Rs.5550 only.<\/p>\n<p>A resident individual receiving dividends whose estimated annual income is below the exemption limit can submit form 15G to the company or mutual fund paying the dividend. Similarly, a senior citizen whose estimated annual tax payable is nil can submit Form 15H to the company paying the dividend.<br \/>\nThe company or mutual fund informs the shareholder about the dividend declaration on their registered mail id and requires submission of <a href=\"https:\/\/aktassociates.com\/blog\/section-197-and-197a\/\">form 15G or form 15H<\/a> to claim dividend income without TDS.<\/p>\n<p>If the takes the loan, the amount paid as interest on any monies borrowed to invest in the shares or mutual funds is allowable as a deduction. The interest deduction is limited to 20% of the gross dividend income received. However, any other expense such as commission or remuneration to a banker or any other person to realize such a dividend on behalf of the <a href=\"https:\/\/aktassociates.com\/blog\/taxpayers-in-india\/\">taxpayer<\/a> is not allowable as a deduction.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Resident_Shareholder\"><\/span><strong>Resident Shareholder<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Individual: &#8211;<\/strong> For the individual shareholders, the dividend shall be taxable as per the applicable slab rates.<br \/>\nTowards this, a TDS will be deducted at 10% on dividends received above INR 5,000 in a year instead of INR 2, 500. Moreover, the government abolished an additional tax of 10% on dividend income in excess of Rs. 10 lakh per year for Resident non-corporate taxpayers but due to COVID-19 pandemic the TDS reduced to 7.5 percent.<\/p>\n<p><strong>Companies: &#8211;<\/strong> For the corporate shareholders, the dividend shall be taxable as per the effective tax rates, which would range from 25.17% to 34.94%.<\/p>\n<p><strong>Mutual Funds:-<\/strong> The insertion of section 194K under the Act in which Mutual Funds, on payment of dividend to residents, will be required to deduct TDS at the rate of 10%.<\/p>\n<p><a href=\"https:\/\/aktassociates.com\/business-compliance\/yearly-compliance\/it-return-filing\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2336 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Get-Income-Tax-Return-filing.png\" alt=\"Get Income Tax Return filing\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Get-Income-Tax-Return-filing.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Get-Income-Tax-Return-filing-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Get-Income-Tax-Return-filing-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"For_Non-Resident_Shareholder\"><\/span><strong>For Non-Resident Shareholder<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Indian companies shall be liable to withhold taxes at 20% on payment of dividends to a non-resident shareholder. This rate could be lower if the benefit under the tax treaty is available to such shareholders. Tax treaties with Singapore, Mauritius, Netherlands, Australia, United Kingdom, and the USA provide for a lower withholding tax rate of 5% to 15%. Hence, nonresident shareholders can claim the benefit of lower tax rates under the respective treaties.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Now, with the abolition of DDT, companies will be able to successfully distribute dividends within the group without incurring DDT costs. This will be particularly helpful to listed companies, which will be able to receive dividends from their joint venture\/ subsidiary\/ associate and distribute the same to the ultimate shareholder without incurring DDT cost.<br \/>\nEven in unlisted companies\/ groups, dividends may be received from the joint venture\/ subsidiary\/ associate with a one-time tax cost, where the dividend is retained at the recipient company level.<br \/>\nThis amendment will also be a positive move for foreign investors who do not currently receive the benefit of DDT tax credit in their home jurisdictions. Such foreign investors will now be able to avail credit of such taxes withheld, subject to the availability of the <a href=\"https:\/\/aktassociates.com\/blog\/tax-benefit-for-start-ups\/\">benefit of the tax<\/a> treaty.<\/p>\n<p>However, the relief of dividend income from foreign companies to Indian company is not available but the government is in due consideration to provide relief so the investor can invest freely without considering the cost so that our economy develop efficiently, speedily and globally.<\/p>\n<p>Tax reduction doesn\u2019t mean tax avoidance always.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The dividend is basically a part of the profit of the company to distribute to the shareholders of the company. &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Exemption for dividend Income received from Indian Company Sec.10 (34)\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/exemption-for-dividend-income-received-indian-company-sec-10-34\/#more-3732\">Read more<span class=\"screen-reader-text\">Exemption for dividend Income received from Indian Company Sec.10 (34)<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":3739,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Exemption for dividend Income received from Indian Company Sec.10 (34)<\/title>\n<meta name=\"description\" content=\"The dividend is basically a part of the profit of the company to distribute to the shareholders of the company. 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