Insertion of New Section 85A

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.... dividends received by it from an Indian company or a company which has made the prescribed arrangements for the declaration and payment of dividends (including dividends on preference shares) within India, the assessee shall be entitled to a deduction from the income tax with which it is chargeable on its total income for any assessment year of so much of the amount of income tax calculated at th....

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....rtax Act, 1964 (7 of 1964), the amount of income tax deductible under this section shall be so much of the amount of income tax calculated at the average rate of income tax on the income so included (other than any such income on which no income tax is payable under the provisions of this Act) as exceeds an amount of fifteen per cent. thereof. Explanation : For the purposes of this sectio....