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of <h1>Finance Bill 2020 amends section 115BBDA to limit dividend tax applicability and updates 'specified assessee' definition.</h1> Clause 54 of the Finance Bill, 2020, amends section 115BBDA of the Income-tax Act, which taxes dividends over ten lakh rupees at ten percent for specified Indian residents. The amendment restricts the section's applicability to dividends declared by domestic companies on or before March 31, 2020, effective April 1, 2021, impacting the 2021-2022 assessment year onward. Additionally, it updates the definition of 'specified assessee' to exclude trusts or institutions registered under section 12AB, alongside sections 12A and 12AA, effective June 1, 2020.
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