https://www.taxtmi.com/circulars?id=4466 Amendment removes the preferential dividend deduction for foreign companies receiving dividends from closely held Indian companies, lowering the allowable deduction and producing a uniform effective tax deduction at source of 24.5 per cent on dividends paid by any domestic company to a foreign company for payments after May 28, 1971. Transitional guidance requires shortfalls in withholding for dividends paid April 1-May 28, 1971 to be recovered via assessment where remitted, or by Reserve Bank insistence before remittance where not yet remitted. en-us Sat, 19 Jun 1971 00:00:00 +0530 Tue, 29 Jul 2008 18:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4466 Amendment removes the preferential dividend deduction for foreign companies receiving dividends from closely held Indian companies, lowering the allowable deduction and producing a uniform effective tax deduction at source of 24.5 per cent on dividends paid by any domestic company to a foreign company for payments after May 28, 1971. Transitional guidance requires shortfalls in withholding for dividends paid April 1-May 28, 1971 to be recovered via assessment where remitted, or by Reserve Bank insistence before remittance where not yet remitted. Circulars Income Tax Sat, 19 Jun 1971 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4466