{"act":{"id":"finance-act-2011","short_title":"The Finance Act, 2011","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2011-2012.","act_number":null,"act_year":2011,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":36,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2011/"},"unit":"section","section":{"number":"17","heading":"Insertion of new section 115BBD","text":"Insertion of new section 115BBD. 17. After section 115BBC of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2012, namely:— ‘115BBD. Tax on certain dividends received from foreign companies.—(1) Where the total income of an assessee, being an Indian company, for the previous year relevant to the assessment year beginning on the 1st day of April, 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— (a ) the amount of income-tax calculated on the income by way of such dividends, at the rate of fifteen per cent; and (b ) the amount of income-tax with which the assessee would have been chargeable had its total income been reduced by the aforesaid income by way of dividends. (2) Notwithstanding anything contained in this Act, no deduction in respect of any expenditure or allowance shall be allowed to the assessee under any provision of this Act in computing its income by way of dividends referred to in sub-section (1). (3) In this section,— (i ) \"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; (ii ) \"specified foreign company\" means a foreign company in which the Indian company holds twenty-six per cent or more in nominal value of the equity share capital of the company.’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Insertion of new section 115BBD.</b></p><p><b>17.</b> After section 115BBC of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2012, namely:—</p><p>‘115BBD. <i>Tax on certain dividends received from foreign companies.</i>—(1) Where the total income of an assessee, being an Indian company, for the previous year relevant to the assessment year beginning on the 1st day of April, 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—</p><p>(<i>a</i> ) the amount of income-tax calculated on the income by way of such dividends, at the rate of fifteen per cent; and</p><p>(<i>b</i> ) the amount of income-tax with which the assessee would have been chargeable had its total income been reduced by the aforesaid income by way of dividends.</p><p><span class=\"num\">(2)</span> Notwithstanding anything contained in this Act, no deduction in respect of any expenditure or allowance shall be allowed to the assessee under any provision of this Act in computing its income by way of dividends referred to in sub-section (1).</p><p><span class=\"num\">(3)</span> In this section,—</p><p>(<i>i</i> )<i> </i>\"dividends\" shall have the same meaning as is given to \"dividend\" in clause (<i>22</i>)<i> </i> of section 2 but shall not include sub-clause (<i>e</i>) <i> </i>thereof;</p><p>(<i>ii</i> )<i> </i>\"specified foreign company\" means a foreign company in which the Indian company holds twenty-six per cent or more in nominal value of the equity share capital of the company.’.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":249,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2011/section/17/","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."}