As per the new budget, there will be 10% TDS if dividend is more than 5k but for those whose total income is less than threshold …can they submit some form like 15H or 15G to get an exemption from TDS?
Yes, since DDT i.e. dividend distribution tax is abolished from FY 2020-21 onwards, the dividend is now taxable in the hands of the shareholders.
In case the dividend is above INR 5,000 the company is required to deduct TDS at 10% and deposit it with the government. The shareholder can submit Form 15G/15H and avoid the deduction of TDS.
Read More: TDS on Dividend Income FY 2020-21