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of <h1>Amendment to Section 115BBD: Extends 15% Tax on Foreign Subsidiary Dividends for Indian Companies, Effective FY 2012-2013.</h1> Clause 44 of the Finance Bill, 2012 proposes an amendment to section 115BBD of the Income-tax Act, extending the tax provisions on dividends received from foreign subsidiaries by Indian companies. Previously applicable to the assessment year starting April 1, 2012, the amendment includes dividends received in the financial year 2012-2013, effective from April 1, 2013. The tax rate remains at fifteen percent on such dividend income, with no deductions allowed for related expenditures or allowances. This change applies to the assessment year 2013-2014.
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