Dividend tax reduction for domestic companies where a subsidiary has paid tax, subject to non-subsidiary status and other limits.

Section 115-O(1A) allows the amount chargeable under section 115-O to be reduced by dividends received from a subsidiary if the subsidiary has paid tax under section 115-O on that dividend and the recipient domestic company is not a subsidiary of any other company; the same dividend cannot be used for reduction more than once. It further permits reduction for dividends paid to or on behalf of the New Pension System Trust and defines "subsidiary" as a company where another company holds more than half the nominal value of its equity share capital.

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