# The Finance Act, 2008, Section 24: Amendment of section 115-O

- Act: The Finance Act, 2008
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2008/section/24/

## Text

Amendment of section 115-O. 24. In section 115-O of the Income-tax Act, after sub-section (1), the following sub-section shall be inserted, namely:— "(1A) The amount referred to in sub-section (1) shall be reduced by the amount of dividend, if any, received by the domestic company during the financial year, if— (a ) such dividend is received from its subsidiary; (b ) the subsidiary has paid tax under this section on such dividend; and (c ) the domestic company is not a subsidiary of any other company: Provided that the same amount of dividend shall not be taken into account for reduction more than once. Explanation.—For the purposes of this sub-section, a company shall be a subsidiary of another company, if such other company holds more than half in nominal value of the equity share capital of the company.". © Copyright. Taxmann Publications Pvt. Ltd.

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