Section 80 - Amendment of section 195 - Finance Act, 2003

80. Amendment of section 195.- In section 195 of the Income-tax Act,- (a) in sub-section (1) ,- (i) the brackets and words "(not being interest on securities) " shall be omitted with effect from the 1st day of June, 2003; (ii) after the proviso and before the Explanation, the following proviso shall be inserted, namely:- "Provided further that no such deduction shall be made in respect of any dividends referred to in section 115-O."; (b) in sub-section (2) , for the brackets and words "(other than interest on securities and salary) ", the brackets and words "(other than salary) " shall be substituted with effect from the 1st day of June, 2003.