Insertion of new section 115 BBDA-Tax on certain dividends received from domestic companies.

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....5BBDA. (1) Notwithstanding anything contained in this Act, where the total income of an assessee, being an individual, Hindu undivided family or a firm, resident in India, includes any income exceeding ten lakh rupees, by way of dividends declared, distributed or paid by a domestic company, the income-tax payable shall be the aggregate of- (a) the amount of income-tax calculated on the income by....

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....rovisions of the Income-tax Act provide that dividend income shall be exempt if dividend distribution tax is paid on such income. It is proposed to insert a new section 115BBDA in the said Act so as to provide that any income by way of dividend declared, distributed or paid by a domestic company, in excess of ten lakh rupees shall be chargeable to tax at the rate of ten per cent. in the case of a....