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Srl Ranbaxy Ltd., Noida vs Assessee on 10 November, 2010
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[Complete Act]
Central Government Act
Section 194 in The Income- Tax Act, 1995
194. Dividends 5 6The principal officer of an Indian company or a company which has made the prescribed arrangements for the declaration and payment of dividends (including dividends on preference shares) within India, shall, before making any payment in cash or before issuing any cheque or warrant in respect of any dividend or before making any distribution or payment to a shareholder, 7 who is resident in India,] of any dividend within the meaning of sub- clause (a) or sub- clause (b) or sub- clause (c) or sub- clause (d) or sub- clause (e) of clause (22) of section 2, deduct from the amount of such dividend, income- tax 8 ] at the rates in force: 9 Provided that no such deduction shall be made in the case of a shareholder, being an individual, 10 ] of a company in which the public are substantially interested, if-
1. Substituted for" one thousand rupees" by the Finance Act, 1989, w. e. f. 1- 6- 1989.
2. Inserted, ibid. Earlier, the Explanation, as inserted by the Finance Act, 1965, w. e. f. 1- 4- 1965, was omitted by the Finance (No. 2) Act, 1967, w. e. f. 1- 4- 1967.
3. The figure" (1)" omitted by the Finance Act, 1992, w. e. f. 1- 6- 1992. it was inserted by the Finance (No. 2) Act, 1991, w. e. f. 1- 10-
4 Prior to the omission, Explanation 2, as inserted by the Finance (No. 2) Act, 1991 , w. e. f. 1- 10- 1991 , read as under:" Explanation 2.- For the purposes of this section, the expression" scheduled bank,. shall have the meaning assigned to it in clause (ii) of the Explanation to clause (viia) of sub- section (1) of section 36." 7 Inserted by the Finance (No. 2) Act, 1991 , w. e. f. 1- 10- 1991 8 The words" and super- tax" omitted by the Finance Act, 1965 , w. e. f. 1- 4- 1965 . 9 Substituted by the Finance Act, 1984 , w. e. f. 1- 6- 1984 . Earlier, the proviso was inserted by the Finance (No. 2) Act, 1977 , w. e. f. 1- 10- 1977 . 10 The words" who is resident in India" omitted by the Finance (No. 2) Act, 1991 , w. e. f. 1- 10- 1991
(a) the dividend is paid by such company by an account payee cheque; and
(b) the amount of such dividend or, as the case may be, the aggregate of the amounts of such dividend distributed or paid or likely to be distributed or paid during the financial year by the company to the shareholder, does not exceed 1 two thousand five hundred rupees]: 2 Omitted by the Finance Act, 1993 , w. e. f 1- 6- 1993 .]