Section 21 - Substitution of new section for section 80M - Finance Act, 1986

21. Substitution of new section for section 80M 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. .