# The Finance Act, 1971, Section 18: Amendment of section 80M

- Act: The Finance Act, 1971 (Act 32 of 1971)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1971/section/18/

## Text

Amendment of section 80M. 18. In section 80M of the Income-tax Act, with effect from the 1st day of April, 1972,— (a) in sub-section (2),— (i) for clauses (a) and (b), the following clauses shall be substituted, namely:— "(a) sixty per cent of such income, where the assessee is a domestic company; (b) sixty-five per cent of such income, where the assessee is a foreign company."; (ii) the Explanation shall be omitted; (b) for sub-section (2) and the Explanation appearing below that sub-section, the following sub-section shall be substituted, namely:— "(2) Where a company to which this section applies is entitled also to the deduction under section 80K, the deduction under sub-section (1) shall be allowed in respect of income by way of dividends referred to therein as reduced by the amount of the deduction under section 80K.". [Finance (No. 2) Act, 1971] © Copyright. Taxmann Publications Pvt. Ltd.

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