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of <h1>Amendment to Section 115BBD: 15% Tax Rate on Foreign Dividends Continues, No Deductions Allowed from April 1, 2015.</h1> Clause 37 of the Finance (No. 2) Bill, 2014 proposes an amendment to section 115BBD of the Income-tax Act concerning tax on dividends received from foreign companies. The amendment removes the specification of assessment years 2012-2014, effective from April 1, 2015, allowing the taxation of foreign dividends at a 15% rate to continue for the financial year 2014-15 and subsequent years. No deductions for expenses or allowances will be permitted when computing income from such dividends. This amendment applies to assessment year 2015-16 onwards.
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