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of <h1>Finance Act 2020 Amendment: Section 2 Clarifies Tax Deductions for Non-Residents on Dividend Income Under Section 196D.</h1> The amendment to the Finance Act, 2020, modifies section 2, effective from April 1, 2020. It clarifies tax deductions for non-residents concerning dividend income under section 196D of the Income-tax Act. For individuals, Hindu undivided families, associations, bodies of individuals, or artificial juridical persons, a 10% tax applies if income exceeds fifty lakh rupees but not one crore, and 15% if it exceeds one crore. Additionally, the amendment revises sub-section (9) to include dividend income in various exclusions and inclusions, ensuring consistency in tax treatment of dividend income.
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