Amendment of section 115-O.

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..... 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 sub-section (1A) of the aforesaid section 115-O provide that the a .....

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..... y 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 effect from 1st July, 2012.
Statute, statutory provisions legislation, law, e .....

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