Finance minister Nirmala Sitharaman told Indian industry on Friday that proposed changes in dividend distribution tax (DDT) rules were aimed at putting more money in the hands of small shareholders, declaring, “let them decide what they want to do with it".
While admitting that promoters and high net-worth individuals (HNIs) will face a higher tax rate, she justified the move on the grounds that the vast majority of small shareholders will benefit from it. The remarks, made in an address to industry bodies, indicated that the government would be reluctant to modify the proposal.
