The Board of Directors of the Company ('the Board') at the Meeting held on 1st June, 2021, have recommended Final Dividend Rs. 5.75 per Ordinary Share of Re. 1/- each for the financial year ended 31st March, 2021; the said Dividend is in addition to the Interim Dividend of Rs. 5.00 per share declared by the Board on 11th February, 2021 and paid on 10th March, 2021.
The Final Dividend, if declared at the 110th Annual General Meeting of the Company convened for 11th August, 2021, will be paid on 13th August, 2021.
Pursuant to the Income-tax Act, 1961, dividend income is taxable in the hands of the shareholders with effect from 1st April, 2020. The Company therefore will be required to deduct tax at source (TDS), as applicable, from the aforesaid dividend.
(1) TDS will be deducted @ 10% on the amount of dividend payable where a valid Permanent Account Number (PAN) has been furnished by the resident shareholders to their respective Depository Participants (in case shares are held in dematerialised form) or to the Investor Service Centre (ISC) of the Company (in case shares are held in certificate form).
(2) TDS will be deducted @20% i.e. at twice the applicable rate on the amount of dividend payable where the resident shareholders:
(3) No TDS will be deducted from dividend payable to:
(A) Individual Shareholders, if:-
(B) Insurance Companies (viz. LIC, GIC etc.), Mutual Funds and Alternative Investment Funds (incorporated in India), where the following documents complete in all respects are received from them.
|Category of Shareholders||Documents required|
|Alternative Investment Funds (AIF)||
|Other non-individual resident shareholders||
TDS will be deducted @ 20% (plus applicable surcharge and cess) or the Tax Treaty Rate, whichever is lower, on the amount of dividend payable to Foreign Portfolio Investors, Foreign Institutional Investors and other non-resident shareholders.
For availing the benefit of Tax Treaty Rate, the shareholders will be required to submit the following documents to the Company complete in all respects.
(1) Submission of Tax Exemption Forms / documents for availing the benefit of Tax Treaty Rate, as applicable
The Tax Exemption Forms from resident shareholders and Forms & Documents from non-resident shareholders for availing the benefit of Tax Treaty Rate, as stated above, may please be filled up online on the ITC Eform Portal at https://eform.itcportal.com.The Eform Portal, which can also be accessed on the Company's corporate website www.itcportal.com under the section 'Investor Relations', is designed to facilitate completion of the Forms by the shareholders seamlessly in a user friendly manner. The completed Forms (and also duly signed) / documents should be submitted on the said Portal on or before 24th July, 2021. The duly signed Tax Exemption Forms, so generated on the Portal, can also be e-mailed at firstname.lastname@example.org or sent by post to ISC at 37 Jawaharlal Nehru Road, Kolkata 700 071 so as to reach on or before 24th July, 2021.
The consideration of the aforesaid documents, including application of beneficial Tax Treaty Rate, where applicable, will depend on the adequacy and completeness of such documents submitted by the shareholders and review of the same to the satisfaction of the Company. Documents received after 24th July, 2021 and / or incomplete documents will not be considered.
(2) In the event the benefit of lower tax on dividend cannot be provided by the Company in the absence of or due to late receipt of the aforesaid documents, shareholders will still have an option to claim appropriate refund, if eligible, at the time of filing their income tax returns. No claim shall lie against the Company for taxes once deducted.
(3) In the event the dividend income, as on the Record Date i.e. 11th June, 2021, is assessable to tax in the hands of a person other than the registered shareholder (viz., the shares are held by a clearing member, broker etc. on behalf of the actual beneficial owners), the registered shareholder (i.e. the said clearing member, broker etc.) is required to furnish to the Company on or before 24th July, 2021, a declaration containing the name, address, residential status and PAN of the actual beneficial owners to whom TDS credit is to be given, and reasons for giving credit to such persons. No request in this regard will be considered by the Company after 24th July, 2021.
(4)The TDS Certificate, if applicable, will be e-mailed to your registered e-mail address in due course of time, post payment of the aforesaid dividend.