Elecon Engineering Company Limited has informed the Exchange regarding 'Communication to Shareholders Final Dividend for FY 2024-25 - Intimation on Tax Deduction at Source (TDS) / withholding tax on Dividend'.
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Elecon Engineering has informed shareholders that the Board has recommended a final dividend of Rs. 1.50 per equity share (150%) on a face value of Re. 1.00 for FY 2024-25, pending approval at the 65th AGM. As per the Income Tax Act, dividend income is taxable in shareholders' hands, and the company will deduct tax at source (TDS) at the time of payment. For resident shareholders, TDS will be 10% (or 20% if PAN is missing or not linked with Aadhaar), while no TDS applies if total dividend to an individual is up to Rs. 10,000 or valid Form 15G/15H is submitted. Non-resident shareholders will face 20% TDS plus surcharge and cess, unless they submit documents to claim lower rates under a Double Tax Avoidance Agreement. Shareholders must submit all required documents to the company's RTA (MUFG Intime) by 13th June 2025.
Shareholders will receive Rs. 1.50 per share, but their actual payout will be lower due to TDS unless they qualify for exemptions or submit the right paperwork on time. Investors should check their PAN-Aadhaar linkage and submit relevant forms to avoid higher tax deduction.