{"act":{"id":"finance-act-2009","short_title":"The Finance Act, 2009","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2009-2010.","act_number":null,"act_year":2009,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":89,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2009/"},"unit":"section","section":{"number":"47","heading":"Amendment of section 115-O","text":"Amendment of section 115-O. 47. In section 115-O of the Income-tax Act, for sub-section (1A), the following shall be substituted, namely:— \"(1A) The amount referred to in sub-section (1) shall be reduced by,— (i) 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; (ii) the amount of dividend, if any, paid to any person for, or on behalf of, the New Pension System Trust referred to in clause (44) of section 10. 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>47.</b> In section 115-O of the Income-tax Act, for sub-section (1A), the following shall be substituted, namely:—</p><p>\"(1A) The amount referred to in sub-section (1) shall be reduced by,—</p><p>(<i>i</i>) 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>ii</i>) the amount of dividend, if any, paid to any person for, or on behalf of, the New Pension System Trust referred to in clause (<i>44</i>) of section 10.</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":175,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2009/section/47/","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."}