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Amendment of section 115-O.

Clause 55 - Bills - DIRECT TAXES - Bill - Clause 55 - 55. In section 115-O of the Income-tax Act,- (a) after sub-section (6), the following sub-section shall be inserted, with effect from the 1st day of June, 2016, namely:- (7) No tax on distributed .....

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pecified date: Provided that nothing contained in this sub-section shall apply in respect of any amount declared, distributed or paid, at any time, by the specified domestic company by way of dividends (whether interim or otherwise) out of its accumu .....

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quity share capital of the company (excluding the equity share capital required to be held mandatorily by any other person in accordance with any law for the time being in force or any directions of Government or any regulatory authority, or equity s .....

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ll be inserted with effect from the 1st day of April, 2017, namely:- (8) Notwithstanding anything contained in this section, no tax on distributed profits shall be chargeable in respect of the total income of a company, being a unit of an Internation .....

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pril, 2017, out of its current income, either in the hands of the company or the person receiving such dividend. Explanation.-For the purposes of this sub-section,- (a) International Financial Services Centre shall have the same meaning as assigned t .....

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eign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange Management Act, 1999 (42 of 1999) and the rules made thereunder. . Clause 55 of the Bill seeks to .....

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ction in respect of any amount declared, distributed or paid by the specified domestic company by way of dividends (whether interim or otherwise) to a business trust out of its current income on or after the specified date. It is further proposed to .....

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fits and current profits up to the specified date. It is also proposed to define the expression specified domestic company and specified date for the purposes of the proposed sub-section. These amendments will take effect from 1st June, 2016. Sub-cla .....

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