{"act":{"id":"finance-act-2020","short_title":"The Finance Act, 2020","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2020-2021.","act_number":null,"act_year":2020,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":157,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2020/"},"unit":"section","section":{"number":"30","heading":"Amendment of Section 57","text":"Amendment of section 57. 30. In section 57 of the Income-tax Act, with effect from the 1st day of April, 2021,— (a) | in clause (i), for the words, figures and letter \"dividends, other than dividends referred to in section 115- O\", the word \"dividends\" shall be substituted; (b) | the following proviso shall be inserted, namely:— \"Provided that no deduction shall be allowed from the dividend income, or income in respect of units of a Mutual Fund specified under clause (23D) of section 10 or income in respect of units from a specified company defined in the Explanation to clause (35) of section 10, other than deduction on account of interest expense, and in any previous year such deduction shall not exceed twenty per cent of the dividend income, or income in respect of such units, included in the total income for that year, without deduction under this section.\".","html":"<p><b>Amendment of section 57.</b></p><p><b>30.</b> In section 57 of the Income-tax Act, with effect from the 1st day of April, 2021,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in clause (<i>i</i>), for the words, figures and letter \"dividends, other than dividends referred to in section 115- O\", the word \"dividends\" shall be substituted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>the following proviso shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided</b> that no deduction shall be allowed from the dividend income, or income in respect of units of a Mutual Fund specified under clause (<i>23D</i>) of section 10 or income in respect of units from a specified company defined in the <i>Explanation</i> to clause (<i>35</i>) of section 10, other than deduction on account of interest expense, and in any previous year such deduction shall not exceed twenty per cent of the dividend income, or income in respect of such units, included in the total income for that year, without deduction under this section.\".</td></tr></table></div>","words":150,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2020/section/30/","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."}