The tax on the distribution of dividends was transferred to individuals instead of companies: Nirmala Sitharaman

NEW DELHI: Finance Minister Nirmala Sitharaman said on Saturday that the dividend distribution tax (DDT) has been transferred to individuals instead of companies.

In her second budget presentation, the finance minister said the 15 percent preferential tax rate was extended to power generation companies.

The government plans a 100 percent tax concession to sovereign wealth funds in infrastructure projects, he added.

Sitharaman also said that the withholding rate under favorable conditions of 5% on the payment of interest to non-residents was extended until June 30, 2022.

Live plus The finance minister also proposed the deferral of the payment of taxes by employees in the plan of ownership of employees' shares (ESOP) of the new companies for five years.