Deduction in respect of certain Inter Corporate Dividend - (New) Section 148 / (Old) Section 80M

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... The deduction becomes available only if: • the taxpayer is a domestic company, and • its Gross Total Income (GTI) includes dividend income during the relevant tax year. If dividend income is absent from the GTI, the section cannot apply. Source of dividend Such dividend income received from  • (a) any other domestic company; or â€....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r sub-section (1) in any tax year, no deduction shall be allowed in respect of such amount in any other tax year. Under Section 80M of the Income Tax Act, 1961 (W.e.f. 01.04.2021) [ Upto 31.03.2026 ] • Eligible Assessee: The provision applies exclusively to a "domestic company,". • Eligible Income: The deduction is available for "income by way of dividen....