Dividend distribution definition revised to aggregate excess distributions and dividends exceeding a paid up equity threshold for tax purposes. Amendments to section 2 and the First Schedule of the Finance Act, 1966 revise year references, omit certain subsections, and add temporal qualifications tying export, sale and receivable provisions to transactions before a specified cut off date. The First Schedule's Paragraph F, Part I replaces Explanation 1 to define the relevant amount of distributions of dividends as the aggregate of the excess of previously computed relevant distributions over total income (excluding certain capital gains) and the portion of non preference dividends declared or distributed during the previous year that exceeds a threshold of paid up equity share capital.
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Dividend distribution definition revised to aggregate excess distributions and dividends exceeding a paid up equity threshold for tax purposes.
Amendments to section 2 and the First Schedule of the Finance Act, 1966 revise year references, omit certain subsections, and add temporal qualifications tying export, sale and receivable provisions to transactions before a specified cut off date. The First Schedule's Paragraph F, Part I replaces Explanation 1 to define the relevant amount of distributions of dividends as the aggregate of the excess of previously computed relevant distributions over total income (excluding certain capital gains) and the portion of non preference dividends declared or distributed during the previous year that exceeds a threshold of paid up equity share capital.
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