Realty Stock Reports Significant Development Regarding 1/Share Dividend Prior to March 20 Record Date

In the real estate sector, AGI Infra Ltd is a small cap business with a market worth of Rs 1,106.83 Cr. The company announced a noteworthy update on a dividend of one rupee per share on Wednesday, in advance of the record date of March 20, 2024. Following the announcement, the company’s shares opened trading on the BSE today at Rs 869.55 each. However, they immediately gained, reaching an intraday high of Rs 906.00, or 4.24% higher than the previous close of Rs 869.15.

AGI Infrastructure Dividend
“At its meeting on Monday, March 11, 2024, the Board of Directors of AGI Infra Limited, (“the Company”), deliberated and approved the declaration of an Interim Dividend of Re 1/- (Rupee One only), or 10%, per equity share on shares having a face value of Rs. 10/-each for the Financial Year 2023–2024. According to a regulatory filing made by the company on March 13, 2024, “the said dividend will be paid to those shareholders whose names appear in the Register of Members of the Company as at the close of business hours on Wednesday, March 20, 2024 (Record Date), as duly intimated to the BSE Ltd, where shares of the Company listed.”

Update on AGI Infra Dividend
“Shareholders should be aware that any dividends paid or distributed by a company on or after April 1, 2020, would be taxable in the hands of the shareholders under the terms of the Income-Tax Act, 1961 (“the Act”) as modified by the Finance Act, 2020. As a result, the Company must deduct tax at source at the specified rates from the aforementioned interim dividend. The Finance Act, 2020 and its revisions are recommended reading for shareholders seeking more information about the mandated rates for different categories. In the stock market filing, the business said, “The shareholders are requested to update their PAN with the Company (in the case of shares held in Physical Mode) and Depositories (in the case of shares held in DEMAT Mode).”

AGI Infra Dividend Update For Resident Individual Shareholders: “By emailing [email protected] by March 19, 2024, a resident individual shareholder who has a PAN and is exempt from income tax liability can submit an annual declaration in Form No. 15G/ 15H to receive the benefit of non-deduction of tax at source.” Please be advised that if a shareholder’s PAN is not accessible, is not registered with the company or DP, or is invalid, a larger 20% tax deduction will be made. As long as they provide the required paperwork, non-resident shareholders are eligible for favorable rates under the tax treaty between India and their home country.

To take advantage of the tax treaty advantages, send an email to [email protected] stating that you do not need any Permanent Establishment and Beneficial Ownership Declaration, Tax Residency Certificate, Form 10F, or any other documentation. As mentioned above, the shareholders must submit the aforementioned statements and documentation by March 19, 2024, at the latest. Please be aware that when it comes to tax deductions and dividend withholding, the Company is not required to use the advantageous DTAA rates. AGI Infra further said in the BSE filing on March 13, 2024, “The application of the favorable DTAA rate shall depend upon the completeness and satisfactory review by the Company, of the documents submitted by Non-Resident Shareholder.”

How Can I Pay Dividend Distribution Tax (DDT) On AGI Infra Dividend? “Shareholders can download Forms 15G, 15H, and 10F from Bigshare’s website, along with the necessary supporting documents (scanned copies), if applicable. Then, they can email the completed forms to Bigshare’s [email protected] email address or send physical copies of the completed forms to Bigshare’s registered office, which is located at S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri (East) Mumbai-400093, Maharashtra. The Shareholders must send the aforementioned statements and papers to Bigshare by March 19, 2024, at the latest. Please take notice that forms submitted after the specified period, as well as those that are incomplete or erroneous, will not be taken into account and will not qualify for a reduced or non-deduction of tax, according to a BSE filing by AGI Infra.

The Shareholder certifies to the Company that, by submitting Forms 15G / 15H and 10F and the necessary supporting documentation, that:

a. The shareholder has full responsibility for obtaining the TDS deduction exemption and meets the requirements for submitting the same;

b. There will be no claims made against the Company or Bigshare in this respect, and they won’t be held accountable or liable;

c. the online filing of Form 15G/Form 15H (if filed) would be considered as the shareholder’s signature, the business said.

The following URL may be used to get the aforementioned forms from Bigshare’s website: https://www.bigshareonline.com/Resources.aspx. Under the “Forms & Procedures” category, all of the forms are accessible. As an alternative, you may file these disclosures online at https://www.bigshareonline.com/dividendTDS.aspx. According to a BSE filing by AGI Infra, the user would be asked to choose or share the necessary details and submit the supporting files on this website.