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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income from Unit Trust of India units qualifies as dividends from Indian companies, eligible for Section 80L deduction.</h1> The circular clarifies the applicability of Section 80L of the Income-tax Act, 1961, concerning deductions for income from units of the Unit Trust of India. The Finance Act, 1988, amended the second proviso to allow deductions for interest on deposits under the National Deposit Scheme or dividends from Indian companies, up to Rs. 3,000. Queries arose about whether income from Unit Trust of India units qualifies as dividends from an Indian company. The Board confirmed that such income is considered dividends from an Indian company under the Unit Trust of India Act, 1963, and is eligible for the deduction under Section 80L.
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