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of <h1>Section 85A: Tax Deduction for Intercorporate Dividends in Electricity, Distribution, or Specified Manufacturing Companies Explained</h1> Section 85A of the Income Tax Act, introduced by the Finance Act, 1965, provides a deduction for companies on tax payable for intercorporate dividends received from Indian companies. If a company's total income includes such dividends, it can deduct the tax calculated at the average rate exceeding 25% of the dividend income. For companies not meeting prescribed dividend arrangements but engaged mainly in electricity generation, distribution, or specified manufacturing, the deductible tax exceeds 15% of the dividend income. A company is considered mainly engaged in these activities if at least 51% of its income comes from them.
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