27-Jun-2019

Madras High Court upheld the tax demand of over Rs. 2,500 crore as dividend distribution tax (DDT)


Madras High Court upheld the tax demand of over Rs. 2,500 crore as dividend distribution tax (DDT) raised by the income-tax department on Cognizant Technology Solutions (CTS) on account of share buyback undertaken by it. The case stems from the demand for payment of tax at the rate of 15% on the remittance of Rs 19,415 crore to its non-resident shareholders in the US and Mauritius, against buyback of equity shares.

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