# The Finance Act, 1975, Section 15: Amendment of section 80M

- Act: The Finance Act, 1975 (Act 25 of 1975)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1975/section/15/

## Text

Amendment of section 80M 15. In section 80M of the Income-tax Act, in sub-section (1), for clauses (a) and (b), the following clauses shall be substituted with effect from the 1st day of April, 1976, namely:— " (a) where the assessee is a domestic company— (i) in respect of such income by way of dividends from a company formed and registered under the Companies Act, 1956(1 of 1956) after the 28th day of February, 1975 and engaged exclusively or almost exclusively in the manufacture or production of any one or more of the articles or things specified in items 11 and 18, item 23 (excluding refractories) and item 24 in the list in the Ninth Schedule | the whole of such income; (ii) in respect of such income by way of dividends other than the dividends referred to in sub-clause (i) | sixty per cent, of such income: (b) where the assessee is a foreign company, in respect of such income by way of dividends | sixty-five per cent, of such income.". [Finance Act, 1975] © Copyright. Taxmann Publications Pvt. Ltd.

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