Taxation of foreign dividends: concessional tax regime for specified foreign-company dividends ceases from assessment year 2023-24.

The Bill inserts a new sub section to disapply the provision that afforded concessional taxation to dividend income of resident companies from foreign companies meeting a specified equity holding threshold, so that the provision will not apply to assessment years beginning on or after 1st April, 2023; the amendment is effective from that date and applies to the relevant assessment year and subsequent years.

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