Amendment of section 115-O.

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..... ), for the words paid tax under this section on such dividend; and , the words paid the tax which is payable under this section on such dividend: shall be substituted; (iii) sub-clause (c) shall be omitted. - Clause 53 of the Bill seeks to amend section 115-O of the Income-tax Act relating to tax on distributed profits of domestic companies. The existing provisions in su .....

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..... on such dividend, then the said amount, if it is distributed as dividend by the domestic company being the holding company in the same year, shall not be subject to dividend distribution tax under the aforesaid section. It is also proposed to omit sub-clause (c), so as to remove the condition that such domestic company is not a subsidiary of any other company. This amendment will take with effe .....

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