Amendment of section 80M

Section 18 of the Finance Act, 1976 deals with amendment of section 80M. Amendment of section 80M 18. In section 80M of the Income-tax Act, for sub-section (1), the following sub-section shall be substituted with effect from the 1st day of April, 1977, namely— "(1) Where the gross total income of an assessee, being a domestic company, includes any income by way of divide The Act was enacted on 27 May 1976.

Amendment of section 80M

18. In section 80M of the Income-tax Act, for sub-section (1), the following sub-section shall be substituted with effect from the 1st day of April, 1977, namely—

"(1) Where the gross total income of an assessee, being a domestic company, includes any income by way of dividends from a provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such income by way of dividends of an amount equal to—

(a) 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 2 and 3, item 4 (excluding alloy, malleable and S.G. iron castings), items 7 to 15 (both inclusive), items 17 and 18, item 23 (excluding refractories) and items 24, 26, 27 and 29 in the list in the Ninth Schedule

the whole of such income;

(b) in respect of such income by way of dividends other than the dividends referred to in clause (a)

sixty per cent of such income.".

[Finance Act, 1976]

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Section 18, The Finance Act, 1976 (Act 66 of 1976).