With reference to the Dividend Distribution Tax, which of the following statement is incorrect?
1
The Dividend Distribution Tax is a tax levied on dividends that a company pays to its shareholders out of its profits.
2
It's a form of Direct Tax.
3
The company shall be accountable for paying the tax within fourteen days from the date of announcement of the dividend.
4
On February 1, 2020, the Finance Minister of India had reintroduced the Dividend Distribution Tax (DDT).