Pursuant to the provision of the Income Tax Act, 1961 (the Act’), dividends paid or distributed by a company on or after 1st April, 2020 is taxable in the hands of the shareholders. The Company shall therefore be required to deduct tax at source (‘TDS’) at the time of payment of dividend. In this regard, Modison has informed that it enclosed an email communication which has been sent to the shareholders of the Company, explaining the process on withholding tax from dividends paid to the shareholders at prescribed rates.
The above information is a part of company’s filings submitted to BSE.
