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of <h1>Section 115BBDA: 10% tax on dividend income above Rs 10 lakh for specified assessees; no deductions or set-offs allowed</h1> Where a resident specified assessee's aggregate dividend income from domestic companies exceeds Rs.10 lakh, tax payable is 10% on the excess plus the tax that would be payable if the assessee's total income were reduced by the dividend amount. No deduction, allowance or loss set-off is permitted against the dividend income taxed at 10%. 'Dividend' follows the statutory definition in section 2(22) excluding sub-clause (e). 'Specified assessee' excludes domestic companies, certain funds/institutions/universities/hospitals under section 10(23C) and trusts/institutions registered under sections 12A/12AA/12AB.
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