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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New Tax Rules: Deductions for Dividends and Income u/ss 80AA and 80AB Explained.</h1> The Finance (No. 2) Act, 1980, introduces sections 80AA and 80AB to the Income-tax Act. Section 80AA, effective from April 1, 1968, specifies that deductions under section 80M for dividends from domestic companies should be computed based on the income as per the Act, not the gross dividend amount. Section 80AB, effective from April 1, 1981, mandates that deductions under any section, except 80M, should be based on the income type included in the gross total income, calculated according to the Act, before any chapter deductions.
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