# The Finance Act, 1986, Section 21: Substitution of new section for section 80M

- Act: The Finance Act, 1986 (Act 23 of 1986)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1986/section/21/

## Text

Substitution of new section for section 80M. 21. For section 80M of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 1987, namely:— "80M. Deduction in respect of certain inter-corporate dividends.—Where the gross total income of an assessee, being a domestic company, includes any income by way of dividends from a domestic company, there shall be allowed, in computing the total income of the assessee, a deduction from such income by way of dividends of an amount equal to sixty per cent. of such income.". [Finance Act, 1986] © Copyright. Taxmann Publications Pvt. Ltd.

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