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Amendment of section 115-O.

Clause 55 - Bills - DIRECT TAXES - FINANCE BILL, 2016 - 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 o .....

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or after the specified 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 .....

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nal value of equity 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 authorit .....

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ub-section shall 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 .....

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e 1st day of April, 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 .....

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ange means foreign 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 .....

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under this section 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 furthe .....

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ccumulated profits 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, .....

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