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of <h1>Amendment to Section 80K disallows dividend income deductions for industries starting after March 31, 1976.</h1> In the Finance Act of 1975, an amendment was made to Section 80K of the Income-tax Act, introducing a proviso that disallows deductions for income from dividends if they are attributable to profits and gains from certain industrial undertakings, ships, or hotel businesses that began operations after March 31, 1976. This amendment specifies that such deductions are not applicable to entities starting their manufacturing, cold storage operations, or hotel business, or using a ship for the first time after this date.
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