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of <h1>Amendment to Section 115-O: Taxable Dividend Reduction for Domestic Companies with Subsidiary Dividends Effective April 2009.</h1> Clause 46 of the Finance (No. 2) Bill, 2009 proposes an amendment to section 115-O of the Income-tax Act, which concerns the tax on distributed profits of domestic companies. The amendment revises sub-section (1A) to allow a reduction in the taxable dividend amount by considering dividends received from a subsidiary, provided the subsidiary has paid tax on such dividends and the domestic company is not a subsidiary of another company. Additionally, dividends paid on behalf of the New Pension System Trust can also reduce the taxable amount. This amendment is effective retrospectively from April 1, 2009.
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