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of <h1>Amendment to Section 80M: Full Deduction for Dividends from New Manufacturing Companies, 60% for Others. Effective April 1977.</h1> Section 80M of the Income-tax Act is amended to modify the deduction available to domestic companies receiving dividend income from other domestic companies. Effective April 1, 1977, if a domestic company's gross total income includes dividends, a deduction is allowed when computing total income. For dividends from companies formed after February 28, 1975, under the Companies Act, 1956, and engaged in specified manufacturing activities, the deduction is equal to the entire dividend income. For other dividends, the deduction is 60% of the income. This amendment aims to encourage investments in specified manufacturing sectors.
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