{"act":{"id":"finance-act-1976","short_title":"The Finance Act, 1976","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 1976-1977.","act_number":"66","act_year":1976,"enact_date":"1976-05-27","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":32,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-1976/"},"unit":"section","section":{"number":"18","heading":"Amendment of section 80M","text":"Amendment of section 80M 18. In section 80M of the Income-tax Act, for sub-section (1), the following sub-section shall be substituted with effect from the 1st day of April, 1977, namely— \"(1) Where the gross total income of an assessee, being a domestic company, includes any income by way of dividends from a provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such income by way of dividends of an amount equal to— (a) in respect of such income by way of dividends from a company formed and registered under the Companies Act, 1956 (1 of 1956) after the 28th day of February, 1975 and engaged exclusively or almost exclusively in the manufacture or production of any one or more of the articles or things specified in items 2 and 3, item 4 (excluding alloy, malleable and S.G. iron castings), items 7 to 15 (both inclusive), items 17 and 18, item 23 (excluding refractories) and items 24, 26, 27 and 29 in the list in the Ninth Schedule | the whole of such income; (b) in respect of such income by way of dividends other than the dividends referred to in clause (a) | sixty per cent of such income.\". [Finance Act, 1976] © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 80M</b></p><p><b>18.</b> In section 80M of the Income-tax Act, for sub-section (<i>1</i>), the following sub-section shall be substituted with effect from the 1st day of April, 1977, namely—</p><p>\"(<i>1</i>) Where the gross total income of an assessee, being a domestic company, includes any income by way of dividends from a provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such income by way of dividends of an amount equal to—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>) in respect of such income by way of dividends from a company formed and registered under the Companies Act, 1956 (1 of 1956) after the 28th day of February, 1975 and engaged exclusively or almost exclusively in the manufacture or production of any one or more of the articles or things specified in items 2 and 3, item 4 (excluding alloy, malleable and S.G. iron castings), items 7 to 15 (both inclusive), items 17 and 18, item 23 (excluding refractories) and items 24, 26, 27 and 29 in the list in the Ninth Schedule</td><td>the whole of such income;</td></tr><tr><td>(<i>b</i>) in respect of such income by way of dividends other than the dividends referred to in clause (<i>a</i>)</td><td>sixty per cent of such income.\".</td></tr></table></div><p>[Finance Act, 1976]</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":217,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1976/section/18/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}