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of <h1>Section 85A (1965-1968): Allowed dividend tax deduction where average-rate tax exceeded fixed percent; proviso and 51% 'mainly engaged' rule</h1> Section 85A, originally enacted to permit a company receiving dividends from specified Indian companies to claim a deduction from its income tax equal to the amount by which tax at the average rate on those dividends exceeded a fixed percentage (generally 25%, reduced to 15% for certain companies lacking prescribed dividend arrangements and chiefly engaged in specified industries), was inserted in 1965 and subsequently omitted in 1968. The original provision included a proviso addressing companies without prescribed arrangements and an explanation deeming a company 'mainly engaged' in an activity where over 51% of its income arose from that activity.
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