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of <h1>Finance Bill 2022 amends section 115BBD: Tax on foreign dividends for Indian firms changes from April 2023.</h1> Clause 27 of the Finance Bill, 2022, amends section 115BBD of the Income-tax Act, which pertains to the taxation of dividends received by Indian companies from foreign companies. Previously, dividends from foreign companies, where the Indian company holds at least 26% equity, were taxed at 15%. The amendment introduces a new subsection (4), effective from April 1, 2023, stating that the provisions of section 115BBD will no longer apply to assessment years starting from April 1, 2023, impacting the assessment year 2023-2024 onward.
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