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of <h1>New Tax Provision: Section 115BBD Taxes Dividends from Foreign Subsidiaries at 15%, No Expense Deductions Allowed</h1> Section 115BBD is introduced in the Income-tax Act to tax dividends received by Indian companies from their subsidiary foreign companies at a reduced rate of 15% starting April 1, 2012. This section specifies that no deductions for expenses or allowances will be permitted when computing income from such dividends. The term 'dividends' is defined as per section 2(22) of the Act, excluding sub-clause (e), and a 'subsidiary foreign company' is one where the Indian company holds more than half of the equity share capital. This amendment applies to the assessment year 2012-2013.
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