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Statutory Provisions

Home Acts & Rules Bill Bills FINANCE BILL, 2008 Chapters List Chapter III Income Tax This

Clause 21 - Amendment of section 115-O - FINANCE BILL, 2008

FINANCE BILL, 2008
Chapter III
Income Tax
  • Contents

21. In section 115-O of the Income-tax Act, after sub-section (1), the following sub-section shall be inserted, namely:—

''(1A) The amount referred to in sub-section (1) shall be reduced by the amount of dividend, if any, received by the domestic company during the financial year, if-

(a)  such dividend is received from its subsidiary;

 (b) the subsidiary has paid tax under this section on such dividend; and

(c)  the domestic company is not a subsidiary of any other company:

Provided that the same amount of dividend shall not be taken into account for reduction more than once.

Explanation.-For the purposes of this sub-section, a company shall be a subsidiary of another company, if such other company holds more than half in nominal value of the equity share capital of the company."

 

 
 
 
 

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