Deduction limit on income tax for stipulated preference dividends now restricts company deductions from such dividends. Amendments update statutory citations to the Income tax Act, 1961, confine multiple provisions to preference shares issued and subscribed for before 1 ... Summary
Deduction limit on income tax for stipulated preference dividends now restricts company deductions from such dividends.
Amendments update statutory citations to the Income tax Act, 1961, confine multiple provisions to preference shares issued and subscribed for before 1 April 1960, and insert section 4A providing that deductions of income tax from stipulated dividends on such preference shares shall not in any case exceed a capped proportion of the stipulated dividend.
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