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Home Acts & Rules Bill Bills FINANCE BILL, 2020 Chapters List Chapter III DIRECT TAXES - Income-tax This
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Clause 54 - Amendment of section 115BBDA. - FINANCE BILL, 2020

FINANCE BILL, 2020
Chapter III
DIRECT TAXES - Income-tax
  • Contents
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Amendment of section 115BBDA.

54. In section 115BBDA of the Income-tax Act,––

(a) in sub-section (1), for the words “or companies”, the words, figures and letters “or companies on or before the 31st day of March, 2020” shall be substituted with effect from the 1st day of April, 2021;

(b) in the Explanation, in clause (b), in sub-clause (iii), for the words, figures and letters “under section 12A or section 12AA”, the words, figures and letters “under section 12A or section 12AA or section 12AB” shall be substituted with effect from the 1st day of June, 2020.

 



 

Notes on Clauses:

Clause 54 of the Bill seeks to amend section 115BBDA of the Income-tax Act relating to tax on certain dividends received from domestic companies.

The said section provides for taxation of dividend exceeding ten lakh rupees in the hands of specified assessee resident in India at the rate of ten per cent.

It is proposed to amend the said section so as to restrict the applicability of the provisions of that section to dividend declared, distributed or paid by a domestic company or companies on or before the 31st day of March, 2020.

This amendment will take effect from 1st April, 2021 and will, accordingly, apply in relation to the assessment year 2021-2022 and subsequent assessment years.

Sub-clause (iii) of clause (b) of Explanation to aforesaid section provides “specified assessee” for the purposes of said section, to mean a person other than a trust or institution registered under section 12A or section 12AA.

It is proposed to make a reference to section 12AB in the said sub-clause so as to provide that “specified assessee” for the purposes of said section, shall mean a person other than a trust or institution registered under section 12AB, as well.

This amendment will take effect from 1st June, 2020.

 
 
 
 
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