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of <h1>New Tax Rule: Section 115BBDA Imposes 10% Tax on Dividends Over 10 Lakh, No Deductions Allowed.</h1> Section 115BBDA, effective from April 1, 2017, introduces a tax on dividends exceeding ten lakh rupees received from domestic companies by individuals, Hindu undivided families, or firms residing in India. This income will be taxed at a rate of 10%, and no deductions for expenditures, allowances, or loss set-offs will be permitted in computing this dividend income. The definition of 'dividends' aligns with section 2(22) of the Income-tax Act, excluding sub-clause (e). This provision applies to the assessment year 2017-2018 and onwards.
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