Section 115BBDACentral Act

Section 115BBDA: [ Tax on certain dividends received from domestic companies. [Inserted by Act 28 of 2016, section 52 (w.e.f. 1-4-2017).]

The Income-tax Act, 1961

[ Tax on certain dividends received from domestic companies. [Inserted by Act 28 of 2016, section 52 (w.e.f. 1-4-2017).]

(1)

Notwithstanding anything contained in this Act, where the total income of [a specified assessee,] resident in India, includes any income in aggregate exceeding ten lakh rupees, by way of dividends declared, distributed or paid by a domestic company or companies, the income-tax payable shall be the aggregate of -

(a)

the amount of income-tax calculated on the income by way of such dividends in aggregate exceeding ten lakh rupees, at the rate of ten per cent; and

(b)

the amount of income-tax with which the assessee would have been chargeable had the total income of the assessee been reduced by the amount of income by way of dividends.

(2)

No deduction in respect of any expenditure or allowance or set off of loss shall be allowed to the assessee under any provision of this Act in computing the income by way of dividends referred to in clause (a) of sub-section (1).

(3)

In this section, "dividends" shall have the same meaning as is given to "dividend" in clause (22) of section 2 but shall not include sub-clause (e) thereof.][Explanation. - For the purposes of this section, -

(a)

"dividend" shall have the meaning assigned to it in clause (22) of section 2 but shall not include sub-clause (e) thereof;

(b)

"specified assessee" means a person other than, -

(i)a domestic company; or

(ii)a fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10; or

(iii)a trust or institution registered under section 12A or section 12AA.]

Sec 115BBD — Tax on certain dividends received from foreign companies. - (1) Where the total income of an assessee, being an Indian company, [***] [Ins. by Act 8 of 2011, section 17 (w.e.f. 1-4-2012).] includes any income by way of dividends declared, distributed or paid by a specified foreign company, the income-tax payable shall be the aggregate of

Sec 115BBE — [ Tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D. [Inserted by Act 23 of 2012, section 47 (w.e.f. 1-4-2013).]

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