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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income-tax Act Update: Section 80M Amended for Deduction Rates; Domestic Companies at 60%, Foreign Companies at 65%.</h1> Section 80M of the Income-tax Act has been amended, effective April 1, 1972. In sub-section (1), clauses (a) and (b) have been replaced, stipulating that domestic companies can deduct 60% of certain income, while foreign companies can deduct 65%. The previous explanation in this sub-section is removed. Sub-section (2) is revised to specify that if a company eligible under this section also qualifies for a deduction under section 80K, the deduction for dividends will be reduced by the amount deductible under section 80K.
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