{"act":{"id":"finance-act-2008","short_title":"The Finance Act, 2008","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2008-2009.","act_number":null,"act_year":2008,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":71,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2008/"},"unit":"section","section":{"number":"24","heading":"Amendment of section 115-O","text":"Amendment of section 115-O. 24. In section 115-O of the Income-tax Act, after sub-section (1), the following sub-section shall be inserted, namely:— \"(1A) The amount referred to in sub-section (1) shall be reduced by the amount of dividend, if any, received by the domestic company during the financial year, if— (a ) such dividend is received from its subsidiary; (b ) the subsidiary has paid tax under this section on such dividend; and (c ) the domestic company is not a subsidiary of any other company: Provided that the same amount of dividend shall not be taken into account for reduction more than once. Explanation.—For the purposes of this sub-section, a company shall be a subsidiary of another company, if such other company holds more than half in nominal value of the equity share capital of the company.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 115-O.</b></p><p><b>24.</b> In section 115-O of the Income-tax Act, after sub-section (1), the following sub-section shall be inserted, namely:—</p><p>\"(1A) The amount referred to in sub-section (1) shall be reduced by the amount of dividend, if any, received by the domestic company during the financial year, if—</p><p>(<i>a</i> ) such dividend is received from its subsidiary;</p><p>(<i>b</i> ) the subsidiary has paid tax under this section on such dividend; and</p><p>(<i>c</i> ) the domestic company is not a subsidiary of any other company:</p><p><b>Provided</b> that the same amount of dividend shall not be taken into account for reduction more than once.</p><p><i>Explanation.</i>—For the purposes of this sub-section, a company shall be a subsidiary of another company, if such other company holds more than half in nominal value of the equity share capital of the company.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":144,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2008/section/24/","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."}