Section 80M - Omitted - Income-tax Act, 1961

1 [Deduction in respect of certain inter-corporate dividends. 80M. [****] ----------------------------------- Notes :- 1. Omitted by the Finance Act, 2003, w.e.f. 1-4-2004 Prior to its omission, section 80M, as inserted by the Finance Act, 2002, w.e.f. 1-4-2003, read as under : 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 another domestic company, 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 from another domestic company as does not exceed the amount of dividend distributed by the first-mentioned domestic company 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 for furnishing the return of income under sub-section (1) of section 139. Earlier original section 80M was introduced in place of section 85A (inserted by the Finance Act, 1965, w.e.f. 1-4-1965) by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968. Section 80M, which had earlier undergone several amendments by the Finance Act, 1968, w.e.f. 1-4-1968, Finance Act, 1970, w.e.f. 1-4-1971, Finance (No. 2) Act, 1971, w.e.f. 1-4-1972, Finance Act, 1975, w.e.f. 1-4-1976, Finance Act, 1976, w.e.f. 1-4-1977, Finance Act, 1981, w.e.f. 1-4-1982, Finance Act, 1982, w.e.f. 1-4-1983, Finance Act, 1984, w.e.f. 1-4-1985 and Finance Act, 1986, w.e.f. 1-4-1987, was substituted by the Finance Act, 1990, w.e.f. 1-4-1991 and further amended by the Finance Act, 1993, w.e.f. 1-4-1994, and later on omitted by the Finance Act, 1997, w.e.f. 1-4-1998.