Navneet Education : TDS Communication – 23-09-2021

Navneet Education Limited

Regd. Office: Navneet Bhavan, Bhavani Shankar Road, Near Shardashram Society,

Dadar (West), Mumbai - 400028.

CIN: L22200MH1984PLC034055

Date: 23rd September, 2021

Dear Shareholder,

As you are aware, the Board of Directors of the Company, at its Meeting held on 27th May, 2021 have recommended a final dividend of Rs. 1/- (50%) per Equity Share of Rs. 2/- each for the financial year ended 31st March, 2021. This dividend will be paid, subject to approval of the Shareholders of the Company at the ensuing Annual General Meeting (AGM) scheduled on Wednesday, 29th September, 2021. The dividend will be paid to those Shareholders who are holding equity shares of the Company, either in electronic or in physical form, as on the Record Date i.e.22nd September, 2021.

Pursuant to the changes introduced by the Finance Act, 2020, w.e.f. 1st April, 2020, the Company would be required to withhold taxes at the prescribed rates as per Income Tax Act, 1961 on the Dividend paid to its Shareholders. The withholding tax rate would vary depending on the residential status of the Shareholder and the documents submitted by them and accepted by the Company. Accordingly, the above referred final dividend will be paid to the Shareholders after deducting the tax at source as follows:

Resident Shareholders:

It may be noted that tax would not be deducted on payment of dividend to Resident Individual Shareholder, if total dividend to be paid in a financial year 2021-22 does not exceed Rs. 5,000/-. Please refer to the table below for the details of withholding tax and documents required:

Particulars	Applicable Rate	Documents required (if any)
With PAN	10% (As per Section	Update/Verify the PAN, and the residential status as per Income
	194 of Income Tax	Tax Act, 1961 if not already done, with the depositories (in case
	Act, 1961)	of shares held in demat mode) and with the Company's Registrar
		and Transfer Agents - Link Intime India Private Limited (in case of
		shares held in physical mode) by sending a request on
		[e-mail]

				If shareholder is classified as "specified person" as per the
				provision of section 206AB of Income Tax Act, 1961, tax will be
				deducted at the rate	higher of the following:
				i. Twice the rate specified in the relevant provision of the Income
				Tax Act; or
				ii. Twice the rate or rates in force; or
				iii. The rate of 5%.
				Specified person means a person who has not filed the returns of
				income for both of the two assessment years relevant to the two
				previous years immediately prior to the previous year in which tax
				is required to be deducted, for which the time limit of filing return
				of income under sub-section (1) of section 139 has expired; and
				the aggregate of tax deducted at source and tax collected at
				source in his case is rupees fifty thousand or more in each of these
				two previous years.
				For identifying whether shareholder is "Specified Person" as per
				the provisions of section 206AB, the income tax department has
				provided functionality check on the tax portal. The Company will
				be relying on the information verified by the utility available on
				the Income Tax website portal.
Without PAN/	20%	In case, shareholders do not have PAN / have not registered their
Invalid PAN		valid PAN details in their account with Depositories or have not
				given their PAN to Company's Registrar and Transfer Agents -
				Link Intime India Private Limited, TDS at the rate of 20% will be
				deducted under Section 206AA of the Income Tax Act, 1961.
Submitting	NIL	Declaration in Form No. 15G (applicable to an individual) / Form
Form		15G/		15H (applicable to an Individual who is 60 years and older),
Form 15H			fulfilling certain conditions.	The Link to obtain the declaration
				form is given herein below. PAN is mandatory to provide Form
				15G/15H .
Submitting	Rate provided in	Lower/NIL withholding tax certificate obtained from Income tax
Certificate		the Certificate	authority.
under Section
197	of	the
Income	Tax
Act, 1961
An	Insurance	NIL	Self-declaration that it has full beneficial interest with respect to
Company	as		the shares owned by it along with Self attested copy of PAN card
specified			& certificate of registration with Insurance Regulatory &
under Sec 194		Development Authority (IRDA) / LIC / GIC.

of the Income
Tax Act,1961
(a)Mutual		NIL	Self-declaration that they are specified in Section 10 (23D) of the
Fund specified		Income Tax Act, 1961 along with self-attested copy of PAN card
under	clause		and certificate of registration with SEBI.
(23D)		of
Section	10	of
the Income Tax
Act, 1961.
(b)Alternative
Investment			Self-declaration that their income is exempt under Section 10
Fund	(AIF)		(23FBA) of the Income Tax Act, 1961 and they are established as
established	in		Category I or Category II AIF under the SEBI Regulations,
India				alongwith self-attested copy of PAN CARD and certificate of AIF
				registration with SEBI.

Non-Resident Shareholders:

Particulars	Applicable Rate	Documents required (if any)
Foreign	20% (plus	•	Update/Verify the PAN and the residential status as per
Institutional	applicable		Income Tax Act, 1961, if not already done, with the
Investors (FIIs) /	surcharge and cess)		depositories (in case of shares held in demat mode) and with
Foreign	OR		the Company's Registrar and Transfer Agents - Link Intime
Portfolio	Tax Treaty Rate**		India Private Limited (in case of shares held in physical mode)
Investors (FPIs)	(whichever is		by sending a request [e-mail]
/ Other Non-	lower)	• In case of FII and FPI-
resident
Shareholders		- Provide declaration whether the investment in shares has
			been made under the general FDI route or under the FPI route.
		- Self-attested copy of SEBI Registration certificate
		•	In order to apply the Tax Treaty rate, all the following
			documents would be required to be submitted by Non-
			Resident Shareholdes:

1. Self attested Copy of Indian Tax Identification number (PAN) allotted by the Indian Income Tax authorities, if available.
2. Valid Tax Residency Certificate (TRC) obtained from the tax authorities of the country of which the Shareholder is a resident.
3. Form 10F duly filled and signed (The Link to obtain the Form is given herein below).
4. Self-declarationfrom Non-resident, primarily covering the following:

				- Non-resident is eligible to claim the benefit of respective tax
				treaty;
				- Non-resident receiving the dividend income is the beneficial
				owner of such income and
				- Dividend income is not attributable/effectively connected to
				any Permanent Establishment (PE) or Fixed Base in India.
				(The Link to obtain the declaration form is given herein below)
Submitting		Rate provided	in	Lower/NIL withholding tax certificate obtained from Income tax
Certificate	u/s	the Certificate		authority.
197/195	(i.e.
lower or	NIL
withholding	tax
certificate)

• The Company is not obligated to apply the beneficial Tax Treaty rates at the time of tax deduction/withholding on dividend amounts. Application of beneficial Tax Treaty Rate shall depend upon the completeness of the documents submitted by the Non- Resident Shareholder and the same are to the satisfaction of the Company.

Kindly note that the aforementioned documents/prescribed forms are required to be submitted to our Registrars & Transfer Agents (RTA), Link Intime India Private Limited at its dedicated link - https://linkintime.co.in/formsreg/submission-of-form-15g-15h.htmlon or before Wednesday, 29th September, 2021, 5.00 p.m. Indian Standard Time (IST) in order to enable the Company to determine and deduct appropriate TDS/ withholding tax. No communication on the tax determination/deduction shall be entertained post Wednesday, 29th September, 2021, 5:00 p.m. (IST). It is advisable to upload the documents /prescribed forms at the earliest to enable the Company to collate the documents/forms to determine the appropriate withholding tax rates. It may be further noted that in case the tax on said dividend is deducted at a higher rate in absence of receipt of the aforementioned forms/documents from you, there would still be an option available with you to file the return of income and claim an appropriate refund, if eligible. No claim shall lie against the Company for such taxes deducted. All communications/ queries in this respect should be addressed and sent to our RTA, Link Intime India Private Limited at its email address [e-mail]. Please note no tax exemption forms sent on this mail id will be entertained and this mail is specifically for dividend tax related queries.

In the event of any income-tax demand (including interest, penalty, etc.) arising from any misrepresentation, inaccuracy or omission of information provided / to be provided by the shareholders, such shareholders will be responsible to pay and indemnify such income-tax demand (including interest, penalty, etc.) and provide the Company with all information / documents that may be necessary and co-operate in any proceedings before any income- tax/appellate authority.

The RTA- Link Intime India Private Limited will arrange to send hard copy / e-mail a soft copy of the TDS certificate at the Shareholder's registered address/registered email ID, post filing of TDS Returns after payment of the said Dividend if approved by the Shareholders at the ensuing AGM. Shareholders will also be able to see the credit of TDS in Form 26AS, wherever PAN is available which can be downloaded from their e-filing account at https://incometax.gov.in.

To view / download Form-10Fclick here

To view / download Form-15Gclick here

To view / download Form-15Hclick here

To view / download Self declaration click here

ABOVE COMMUNICATION ON WITHHOLDING TAX SETS OUT THE PROVISIONS OF LAW IN A SUMMARIZED MANNER ONLY AND DOES NOT PURPORT TO BE A COMPLETE ANALYSIS OR LISTING OF ALL POTENTIAL TAX CONSEQUENCES. SHAREHOLDER SHOULD CONSULT WITH THEIR OWN TAX ADVISORS FOR THE TAX PROVISIONS APPLICABLE TO THEM.

Thanking You,

Yours faithfully,

For Navneet Education Limited

Sd/-

Amit D. Buch

Company Secretary

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