Exemption from tax on distributed profits for dividends to business trusts and IFSC units paid from current income. Amendment exempts tax on distributed profits for dividends paid out of current income by a specified domestic company to a business trust from the acquisition date, excluding dividends from accumulated or prior current profits; it also exempts dividends paid from current income by a unit of an International Financial Services Centre deriving income solely in convertible foreign exchange, with definitions provided for specified domestic company, specified date, IFSC, unit and convertible foreign exchange.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Exemption from tax on distributed profits for dividends to business trusts and IFSC units paid from current income.
Amendment exempts tax on distributed profits for dividends paid out of current income by a specified domestic company to a business trust from the acquisition date, excluding dividends from accumulated or prior current profits; it also exempts dividends paid from current income by a unit of an International Financial Services Centre deriving income solely in convertible foreign exchange, with definitions provided for specified domestic company, specified date, IFSC, unit and convertible foreign exchange.
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