Dividend deduction limits adjusted; Section 80M deduction now reduced by any Section 80K entitlement, changing company treatment.

The amendment revises the allowable deduction under Section 80M by prescribing differentiated deduction rates for domestic and foreign companies and omitting the prior Explanation. It further substitutes the second sub-section to provide that where a company is also entitled to the deduction under the related deduction provision, the Section 80M deduction shall be computed after reducing the dividend income by the amount of that other deduction.

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