Section 115BBDA - Tax on certain dividends received from domestic companies. - Income-tax Act, 1961

1 [ Tax on certain dividends received from domestic companies. 115BBDA. (1) Notwithstanding anything contained in this Act, where the total income of 2 [ a specified assessee ] resident in India, includes any income in aggregate exceeding ten lakh rupees, by way of dividends declared, distributed or paid by a domestic company 4 [ or companies on or before the 31st day of March, 2020 ] , the income-tax payable shall be the aggregate of - (a) the amount of income-tax calculated on the income by way of such dividends in aggregate exceeding ten lakh rupees, at the rate of ten per cent.; and (b) the amount of income-tax with which the assessee would have been chargeable had the total income of the assessee been reduced by the amount of income by way of dividends. (2) No deduction in respect of any expenditure or allowance or set off of loss shall be allowed to the assessee under any provision of this Act in computing the income by way of dividends referred to in clause (a) of sub-section (1). 3 [ Explanation . For the purposes of this section,- (a) dividend shall have the meaning assigned to it in clause (22) of section 2 but shall not include sub-clause (e) thereof; (b) specified assessee means a person other than,- (i) a domestic company; or (ii) a fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10; or (iii) a trust or institution registered 7 [ under section 12A or section 12AA or section 12AB ] ]] ************** Notes:- 1. Inserted vide THE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017. 2. Substituted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018 before it was read as, an assessee, being an individual, a Hindu undivided family or a firm , 3. Substituted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018 before it was read as, (3) In this section, dividends shall have the same meaning as is given to dividend in clause (22) of section 2 but shall not include sub-clause (e) thereof. 4. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2021 before it was read as or companies 5. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-06-2020 before it was read as under section 12A or section 12AA 6. Substituted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-06-2020 before it was read as 5 [ under section 12A or section 12AA or section 12AB ] 7. Substituted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-04-2021 before it was read as 6 [ under section 12A or section 12AA ]