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of <h1>Finance Bill 2020 Introduces Section 80M: Domestic Companies Can Deduct Dividends from Total Income</h1> Clause 40 of the Finance Bill, 2020 introduces section 80M to the Income-tax Act, effective April 1, 2021. This section allows a domestic company to deduct dividends received from another domestic company when computing total income, provided the amount does not exceed the dividends distributed by the first company by the due date. The due date is defined as one month before the income return filing deadline under section 139(1). If a deduction for distributed dividends is claimed in one year, it cannot be claimed again in subsequent years. This applies from the assessment year 2021-2022 onwards.
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