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The Board of Directors of the Company ('the Board') at the Meeting held on 3rd February, 2022, as you may be aware, have declared Interim Dividend @ Rs. 5.25 per Ordinary Share of Re. 1/- each for the financial year ending 31st March, 2022; the Interim Dividend will be paid on 4th March, 2022.
Pursuant to the Income-tax Act, 1961, dividend income is taxable in the hands of the shareholders. The Company will be therefore deducting tax at source (TDS), as applicable, from the aforesaid dividend.
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).
TDS will be deducted @ 20% i.e. at twice the applicable rate on the amount of dividend payable where the resident shareholders:
Shareholders who are yet to furnish their PAN to their respective Depository Participants / ISC are therefore requested to do so immediately.
No TDS, however, will be deducted from dividend payable to:
| Category of Shareholders | Documents required |
|---|---|
| Insurance Companies |
|
| Mutual Funds |
|
| 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 be sent to ISC in any of the following manner:
(a) Through e-mail at isc@itc.in or by post / courier at 37 Jawaharlal Nehru Road, Kolkata 700 071;
(b) Through the ITC Eform Portal at https://eform.itcportal.com on and from 18th February, 2022. The Eform Portal is also accessible from the Company's corporate website www.itcportal.com under the section 'Investor Relations'.
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.
The duly signed and completed Forms / documents should reach ISC on or before 20th February, 2022. Documents received after 20th February, 2022 and / or incomplete documents will not be considered.
(2) The Tax Exemption Forms or the Forms & Documents for availing the benefit of Tax Treaty Rate submitted to the Company earlier for the final dividend for the financial year 2020-21 paid on 13th August 2021 will not be considered relevant for this Interim Dividend and fresh forms and documents will be required to be submitted for availing such benefits.
(3) 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.
(4) In the event the dividend income, as on the Record Date i.e. 15th February, 2022, 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 20th February, 2022, 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 20th February, 2022.
(5) 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.
Should you have any query or require any assistance in the matter, please write to Mr. T. K. Ghosal, Head of ISC, at e-mail ID isc@itc.in or you may call ISC at telephone nos. 1800-345-8152 (toll free) or 033-2288 6426 / 0034.
