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of <h1>Section 80M Tax Amendment: New Rules for Dividend Income Taxation for Domestic and Foreign Companies Effective April 1976.</h1> Section 80M of the Income-tax Act is amended to alter the tax treatment of dividend income for domestic and foreign companies, effective April 1, 1976. For domestic companies, dividends from companies formed after February 28, 1975, and engaged primarily in manufacturing specified items, are fully exempt. Other dividends for domestic companies are taxed at 60% of the income. For foreign companies, 65% of the dividend income is taxable. These changes aim to adjust the tax benefits associated with dividend income under the specified conditions.
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