Insertion of New Section 80M
Section 40 of the Finance Act, 2020 deals with insertion of New Section 80M. Insertion of new section 80M. 40. After section 80LA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2021, namely:— '80M.
Insertion of new section 80M.
40. After section 80LA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2021, namely:—
'80M. Deduction in respect of certain inter-corporate dividends.—(1) Where the gross total income of a domestic company in any previous year includes any income by way of dividends from any other domestic company or a foreign company or a business trust, there shall, in accordance with and subject to the provisions of this section, be allowed in computing the total income of such domestic company, a deduction of an amount equal to so much of the amount of income by way of dividends received from such other domestic company or foreign company or business trust as does not exceed the amount of dividend distributed by it on or before the due date.
(2) Where any deduction, in respect of the amount of dividend distributed by the domestic company, has been allowed under sub-section (1) in any previous year, no deduction shall be allowed in respect of such amount in any other previous year.
Explanation.—For the purposes of this section, the expression "due date" means the date one month prior to the date for furnishing the return of income under sub-section (1) of section 139.'.
Section 40, The Finance Act, 2020.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 40
What does Section 40 of the Finance Act deal with?
Section 40 of the Finance Act is headed "Insertion of New Section 80M". Insertion of new section 80M. 40. After section 80LA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2021, namely:— '80M.
How do I find court cases under Section 40 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 2020 40, section 40 Finance Act 2020, section 40 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 40 of the Finance Act, and has it changed?
Its own text turns on section 139 (Restrospective exemption from, or levy or collection of, Union territory tax in certain cases), Income-tax Act 80LA (Deductions in respect of certain incomes of Offshore Banking Units and International Financial Services Centre), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2020. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- 2. Income-tax5875 words
- 7. Amendment of Section 102233 words
- 53. Insertion of new sections 115BAC and 115BAD1625 words
- 153. Amendment of Act 28 of 20161366 words
- 116. Substitution of new section for section 8B1203 words
- 95. Amendment of Section 206C1116 words
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