Polyplex Corporation, a Noida-based company that manufactures Biaxially Oriented Polyester (BOPET) Film for packaging, electrical and other industrial applications, announced an interim dividend of Rs 100 per share on Wednesday.
In a stock exchange filing, the company informed that its have declared payment of Third Interim Dividend (Special) for the Financial Year 2020-21 at Rs 100 per share (of the face value of Rs 10 each), subject to TDS (Withholding Tax).
The company further said that the record date for the purpose of payment of the Interim Dividend has been fixed as 19 February 2021.
Post the announcement, shares of Polyplex Corporation were up 17.5% in early trade on Wednesday to Rs 882, its new 52-week high.
Tax on dividend income
Starting 1 April 2020, dividend received from an Indian company is taxable in the hands of the investor/shareholder. The Finance Act, 2020 imposes a TDS on dividend distribution by companies and mutual funds on or after 1 April 2020. The normal rate of TDS is 10% on dividend income paid in excess of Rs 5,000 from a company or mutual fund.