Amendment of section 80M
Section 18 of the Finance Act, 1971 deals with amendment of section 80M. 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; The Act was enacted on 10 Aug 1971.
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]
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Section 18, The Finance Act, 1971 (Act 32 of 1971).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Referred to by 2
Questions about Section 18
What does Section 18 of the Finance Act deal with?
Section 18 of the Finance Act is headed "Amendment of section 80M". 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;
How do I find court cases under Section 18 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1971 18, section 18 Finance Act 1971, section 18 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 18 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 80M (Deduction in respect of certain inter-corporate dividends), so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it.
When was Section 18 of the Finance Act enacted?
Section 18 of the Finance Act, cited as Finance Act 1971 18, was enacted on 10 Aug 1971 as Act 32 of 1971. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule3950 words
- 10. Amendment of section 40A1041 words
- 2. Income-tax860 words
- 31. Amendment of section 4836 words
- 37. Amendment of Act 18 of 1958668 words
- 32. Amendment of section 5496 words
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