1.Can general reserve be used to set off the DDT in case of inadequate profits? Or will it be continued to be shown as a loss ?
2. Is DDT applicable in new tax regime?
Dividend distribution tax has to be appropriated out of balance of profit and loss account or free reserves. DDT is not an expenditure. After the amendment by Finance Act 2020, DDT will not be applicable.
For inter May 2020 what cess rate will be applicable 3% or 4% ??
Because in ICAI June edition module it is 3% .
For tax rates, you can refer to the updated income tax notes in Notes section of App.