Triple Taxation under IT Act after introduction of sec 115BBDA
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1 Triple Taxation under IT Act after introduction of sec 5BBDA The implied policy Indian Government is to avoid double taxation on income from same source and DTAAs with various countries are model examples of this policy. Previously, before the Introduction Section 5BBDA, there was criticism regarding double taxation on income to the shareholder on dividend as the Government is already levying Distribution Tax u/s 5O. Double Taxation is an occurrence where the income from the same source is taxed twice before translating into net income. This corporate phenomenon occurs because company's income is taxed at the corporate level and taxed again when distributed to shareholders through dividends. In other words, this is a tax policy where the Government taxes income when the company receives it and taxes the same income again when it is passed on to the owners company. However, with the introduction Section 5BBDA in the Income Tax Act, 96 by the Finance Act, 26, w.e.f. 427 the Government is levying times tax on same source of Income. As per said section, when the shareholder receives the dividend in aggregate of more that Rs. lakhs, then such shareholder have also to pay Income Tax. Therefore, effectively the Government is collecting 5.5% tax on same source of Income. The working same is explained in table as Annexed hereunder. Now as per the current provisions Act, at first company is paying income tax under normal provisions (i.e. % Tax + % Surcharge + % Educations Cess). Secondly, when the company is distributing the same profit to the owners / shareholders then the company is also paying Distribution Tax u/s 5O (i.e. 5% + 2% Surcharge + % Education Cess on Gross Basis, effectively the Government is levying 2.92% on distributed dividend). Thirdly, when the shareholder receives the same dividend in aggregate of more that Rs. lakhs, then such share holder have also to pay Income Tax (i.e. Tax as per Section + % Education Cess). The relevant provisions Act are mentioned hereunder. 6 [Tax on certain dividends received from domestic companies. 5BBDA. () Notwithstanding anything contained in this Act, where the total income of 62 [a specified assessee], resident in India, includes any income in aggregate exceeding ten lakh rupees, by way of dividends declared, distributed or paid by a domestic company or companies, the incometax payable shall be the aggregate of
2 (a) the amount of incometax calculated on the income by way of such dividends in aggregate exceeding ten lakh rupees, at the rate of ten per cent; and (b) the amount of incometax with which the assessee would have been chargeable had the total income assessee been reduced by the amount of income by way of dividends. (2) No deduction in respect of any expenditure or allowance or set off of loss shall be allowed to the assessee under any provision of this Act in computing the income by way of dividends referred to in clause (a) of subsection (). 62a[Explanation. For the purposes of this section, (a) "dividend" shall have the meaning assigned to it in clause (22) of section 2 but shall not include subclause (e) thereof; (b) "specified assessee" means a person other than, (i) a domestic company; or (ii) a fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in subclause (iv) or subclause (v) or subclause (vi) or subclause (via) of clause (2C) of section ; or (iii) a trust or institution registered under section 2A or section 2AA.]] SPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED PROFITS OF DOMESTIC COMPANIES Tax on distributed profits of domestic companies. 5O. () Notwithstanding anything contained in any other provision of this Act and subject to the provisions of this section, in addition to the incometax chargeable in respect total income of a domestic company for any assessment year, any amount declared, distributed or paid by such company by way of dividends (whether interim or otherwise) on or after the st day of April, 2, whether out of current or accumulated profits shall be charged to additional incometax (hereafter referred to as tax on distributed profits) at the rate of fifteen per cent: 99 [Provided that in respect of dividend referred to in subclause (e) of clause (22) of section 2, this subsection shall have effect as if for the words "fifteen per cent", the words "thirty per cent" had been substituted.]
3 Practical Example of Triple Taxation under Incometax Act, 96 under three different situations Sr. No. 2 a From the Perspective Net Profit Income tax Normal Taxation Situation Situation 2 No dividend,,,,,6,,,,,,,,,6,,,, 5% dividend,,,,,6,,,, b Surcharge 2,, 2,, 2,, c d 4 a b Sr. No. Education Cess Secondary and Higher Secondary Education Cess Profit after Tax Available for Distributio n (2) dividend to r dividend Distribution Tax From the Perspective 6,42, 6,42, 6,42,,2,,2,,2, 6,69,7, 6,69,7,,4,68,5 2,76,77, 6,69,7, 6,69,7, 5,5,54, ,9,89,5,82,778 Situation Situation 2 Situation % dividend Situation No dividend 5% dividend %
4 (as per section 5BBDA) Net Amount in the hands shareholde r r dividend Received (as per 4a above) rs (Assuming) to Each r Taxation in hands of r (NIL, as the amount to each share holder is less than Rs. Lakhs) 2,76,77, ,5,54,222 5,5,542,7,84,4, (%+% ed. cess, as the amount to each share holder is more than Rs. Lakhs) 5,5,542 9,9,55 Sr. No. Overall Perspective Situation Situation 2 No dividend 5% dividend Situation % dividend Net Profit Earned by the,,,,,,,,,
5 Income Tax Paid by the,,6,,,6,,,6, Distributio n Tax 57,9,89,5,82,77 8 Tax on Paid by rs,,6,,88,54,89 57,,48 5 5,,47,2 6 (amount as per 8 above x 5 shareholder s) 2 Net Amount Available to Share Holders 6,69,7, 6,,45,6 4,96,52,77 Percentage of Tax on Same Source of Income.6% 8.85% 5.5% The Author is a Chartered Accountant and can be reached at harchandanimanish@gmail.com, Reader's feedback / observations are welcomed and would be appreciated. Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or a formal recommendation. While due care has been taken in preparing this document, the existence of mistakes and omissions herein is not ruled out. Neither the author nor publisher and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information in this document nor for any actions taken in reliance thereon. Source courtesy;caclubindia.com
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