The Board of Directors of the Company ("the Board") at the Meeting held on 19th April, 2023, as you may be aware, have recommended Final Dividend of ₹ 2/- per Equity Share of ₹ 10/- each for the financial year ended 31st March, 2023.
The Final Dividend, if declared at the 41st Annual General Meeting of the Company convened for 11th September, 2023, will be paid between 12th September, 2023 and 16th September, 2023.
Pursuant to the Income-tax Act, 1961, dividend income, as you are aware, is taxable in the hands of the shareholders, and the Company will be deducting tax at source (TDS), as applicable, from the dividend amount payable to you.
The tax rate would vary depending on the residential status, category of the shareholder and is subject to provision of requisite declarations / documents to the Company.
This communication is being sent, as a measure of investor servicing, to apprise you on the applicable provisions of TDS on dividend and other related matters.
I. Resident Shareholders
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 Registrar and Share Transfer Agent (‘RTA’) (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:
The Central Board of Direct Taxes (CBDT) has prescribed the functionality for determining whether a person fulfils the conditions of being a 'Specified Person' or not. Accordingly, the Company will verify from the above functionality provided by CBDT whether any Shareholder of the Company qualifies as a 'Specified Person' prior to applying the relevant TDS rates.
Shareholders who are yet to furnish their PAN to their respective Depository Participants / the RTA are therefore requested to do so immediately.
No TDS, however, will be deducted from dividend payable to:
A. Individual Shareholders, if:-
B. Insurance Companies, Mutual Funds and domestic Alternative Investment Funds, where the following documents complete in all respects are received by the Company from them.
Click here to view / download the documents required.II. Non-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.
The Tax Treaty rate will be applied for withholding the tax on submission of the following documents to the Company.
For availing the benefit of Tax Treaty Rate, the shareholders will be required to submit necessary documents to the Company complete in all respects. Click here to download Form Self-declaration formate
In case of shareholder being tax resident of Singapore, please furnish the letter issued by the competent authority or any other evidence demonstrating the non-applicability of Article 24 - Limitation of Relief under India-Singapore DTAA.
III. General instructions / information
1. Submission of Tax Exemption Forms / documents for availing the benefit of Tax Treaty Rate, as applicable, by 25th August, 2023
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, should be filled up and the completed signed Forms / documents are required to be sent to ghlinvestors@yahoo.co.in / admin@mcsregistrars.com within the stipulated time period.
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 25th August, 2023 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 due to non-receipt / late receipt of the Tax Exemption Forms or the Forms & 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. 25th August, 2023, 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 owner), such registered shareholder (i.e. the said clearing member, broker etc.) is required to furnish to the Company on or before 25th August, 2023 a declaration containing the name, address, residential status and PAN of the actual beneficial owner to whom TDS credit is to be given, and reasons for giving credit to such person.No request in this regard will be considered by the Company after 25th August, 2023.
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.
Should you have any query or require any assistance in the matter, please do get in touch with the Company at ghlinvestors@yahoo.co.in
This communication should not be treated as a tax advise from the Company
The Board of Directors of the Company ('the Board') at the Meeting held on 26th April, 2022, as you are aware, have recommended Final Dividend @ Rs. 2 per Equity Share of Rs. 10/- each for the financial year ended 31st March, 2022.
The Final Dividend, if declared at the 40th Annual General Meeting of the Company convened for 23rd August, 2022, will be paid between 24th August, 2022 and 29th August, 2022.
Pursuant to the Income-tax Act, 1961, dividend income is taxable in the hands of the shareholders, and the Company will be deducting tax at source (TDS), as applicable, from the aforesaid dividend.
This communication is being sent, as a measure of investor servicing, to apprise you on the applicable provisions of TDS on dividend and other related matters.
I. Resident Shareholders
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 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:
The Central Board of Direct Taxes (CBDT) has prescribed the functionality for determining whether a person fulfils the conditions of being a 'Specified Person' or not. Accordingly, the Company will verify from the above functionality provided by CBDT whether any Shareholder of the Company qualifies as a 'Specified Person' prior to applying the relevant TDS rates.
Shareholders who are yet to furnish their PAN to their respective Depository Participants / the Company are therefore requested to do so immediately.
No TDS, however, 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 |
---|---|
Insurance Companies |
1. A self-declaration that they are covered by the second proviso to Section 194 of the Income-tax Act, 1961 and has full beneficial interest with respect to the shares owned by it; 2. Self-attested copy of registration certificate; and 3. Self-attested copy of PAN. |
Mutual Funds |
1. A self-declaration that they are governed by the provisions of Section 10(23D) of the Income-tax Act, 1961; 2. Self-attested copy of registration certificate; and 3. Self-attested copy of PAN. |
Alternative Investment Funds (AIF) |
1. A self-declaration that the income of the AIF is exempt under Section 10(23FBA) of the Income-tax Act, 1961 and that they are governed as Category I or Category II AIF under the SEBI regulations; 2. Self-attested copy of registration documents; and 3. Self-attested copy of PAN. |
Other non-individual resident shareholders |
1. A self-declaration that dividend receivable by them is exempt from tax under Section 196 or other relevant provisions of the Income-tax Act, 1961; and 2. Self-attested copies of documents in support of the claim. |
II. Non-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 necessary documents to the Company complete in all respects.
III. General instructions / information
Submission of Tax Exemption Forms / documents for availing the benefit of Tax Treaty Rate, as applicable, by 5th August, 2022
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 and the completed Forms (and also duly signed) / documents should be sent to ghlinvestors@yahoo.co.in / admin@mcsregistrars.com on before 5th August, 2022.
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 5th August, 2022 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. 5th August, 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 owner), such registered shareholder (i.e. the said clearing member, broker etc.) is required to furnish to the Company on or before 5th August, 2022 a declaration containing the name, address, residential status and PAN of the actual beneficial owner to whom TDS credit is to be given, and reasons for giving credit to such person. No request in this regard will be considered by the Company after 5th August, 2022.
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.
In conformity with the applicable regulatory requirements, the Notice of the 40th Annual General Meeting of the Company and the Report and Accounts 2022 are being sent only through electronic mode to those members who have registered their e-mail addresses with the Company or with the Depositories.
Members who have not registered their e-mail addresses with the Company or with the Depositories and wish to receive the aforesaid documents are required to register their e-mail addresses with the Company / Depositories by following the Steps as given below::
For Shares held in Certificate Mode
For Shares held in Dematerialised Mode
Members holding shares in dematerialised mode are requested to register / update their e-mail addresses with their respective Depositories.
The Board of Directors of the Company at the Meeting held on 17th April, 2021 has recommended Dividend of Rs. 1.80 per Equity Share of Rs. 10/- each for the financial year ended 31st March, 2021. The said dividend, if declared at the 39th Annual General Meeting of the Company convened for 25th September, 2021, will be paid on 1 st October, 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 will be therefore required to deduct tax at source (TDS), as applicable, from the aforesaid dividend.
Resident Shareholders
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 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 |
---|---|
Insurance Companies |
1. A self-declaration that they are covered by the second proviso to Section 194 of the Income-tax Act, 1961 and has full beneficial interest with respect to the shares owned by it; 2. Self-attested copy of registration certificate; and 3. Self-attested copy of PAN. |
Mutual Funds |
1. A self-declaration that they are governed by the provisions of Section 10(23D) of the Income-tax Act, 1961; 2. Self-attested copy of registration certificate; and 3. Self-attested copy of PAN. |
Alternative Investment Funds (AIF) |
1. A self-declaration that the income of the AIF is exempt under Section 10(23FBA) of the Income-tax Act, 1961 and that they are governed as Category I or Category II AIF under the SEBI regulations; 2. Self-attested copy of registration documents; and 3. Self-attested copy of PAN. |
Other non-individual resident shareholders |
1. A self-declaration that dividend receivable by them is exempt from tax under Section 196 or other relevant provisions of the Income-tax Act, 1961; and 2. Self-attested copies of documents in support of the claim. |
Non-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.
General instructions / information
1. Submission of Tax Exemption Forms / documents for availing benefits, as applicable
The Tax Exemption Forms from resident shareholders and Forms & Documents from nonresident shareholders for availing the benefit of Tax Treaty Rate, as stated above, may please be filled up and the completed Forms (and also duly signed) / documents should be sent to ghlinvestors@yahoo.co.in / admin@mcsregistrars.com on before 10th September, 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 10th September, 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. 17th September, 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 10th September, 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 10th September, 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.
In conformity with the applicable regulatory requirements, the Notice of the 39th Annual General Meeting of the Company and the Report and Accounts 2021 are being sent only through electronic mode to those members who have registered their e-mail addresses with the Company or with the Depositories.
Members who have not registered their e-mail addresses with the Company or with the Depositories and wish to receive the aforesaid documents are required to register their e-mail addresses with the Company / Depositories by following the Steps as given below::
For Shares held in Certificate Mode
For Shares held in Dematerialised Mode
Members holding shares in dematerialised mode are requested to register / update their e-mail addresses with their respective Depositories.
The Board of Directors of the Company at the Meeting held on 6th June 2020, have recommended
Dividend of Rs. 2.50 per Equity Share of Rs. 10/- each for the financial year ended 31st March, 2020. The
said dividend, if declared at the 38th Annual General Meeting of the Company convened for 18th
September, 2020, will be paid to the shareholders entitled thereto on 24th September, 2020.
In terms of the Income-tax Act, 1961 read with the Finance Act, 2020, payment of dividend by the
Company, effective 1st April, 2020, is taxable in the hands of the shareholders. The Company will be
therefore required to deduct tax at source (TDS), as applicable, from the aforesaid dividend, in the
manner following:
I. Resident Shareholders
TDS will be deducted @ 7.5% on the amount of dividend payable where a valid Permanent Account
Number (PAN) has been furnished by the concerned 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). In the absence of a valid PAN,
TDS will be deducted @ 20%.
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:
(A) INDIVIDUAL SHAREHOLDERS, IF:-
Click here to download Form 15G
Click here to download Form 15H
(B) INSURANCE COMPANIES (VIZ. LIC, GIC ETC.), MUTUAL FUNDS AND ALTERNATIVE INVESTMENT
FUNDS (INCORPORATED IN INDIA) AND OTHER NON-INDIVIDUAL SHAREHOLDERS, UPON
RECEIPT OF THE REQUISITE DOCUMENTS FROM THEM, AS LISTED BELOW:
Click here to view the documents required to be submitted to the Company
II. Non-Resident Shareholders
(A) FOR FOREIGN PORTFOLIO INVESTORS AND FOREIGN INSTITUTIONAL INVESTORS:
TDS will be deducted @ 20% (plus applicable surcharge and cess) on the amount of dividend
payable.
(B) FOR OTHER NON-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.
For availing the benefit of Tax Treaty Rate, the shareholders will be required to submit requisite
documents to the Company, duly completed in all respect, as listed below:
Documents required to be submitted to the Company for availing benefit of Tax Treaty Rate
In conformity with the applicable regulatory requirements, the Notice of the 38th Annual General Meeting of the Company and the Report and Accounts 2020 are being sent only through electronic mode to those members who have registered their e-mail addresses with the Company or with the Depositories.
Members who have not registered their e-mail addresses with the Company or with the Depositories and wish to receive the aforesaid documents are required to register their e-mail addresses with the Company / Depositories by following the Steps as given below:
For Shares held in Certificate Mode
For Shares held in Dematerialised Mode
Members holding shares in dematerialised mode are requested to register / update their e-mail addresses with their respective Depositories.