Deduction in respect of certain Inter Corporate Dividend - Section 80M - Income Tax - Ready Reckoner - Income Tax

Deduction in respect of certain Inter Corporate Dividend - Section 80M Where the gross total income of domestic company in any previous year includes any income by way of dividend 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 to computing the total income of such domestic company, a deduction equal to - (i) Aggregate Dividend Income received (include deemed dividend) (ii) Dividend distributed to shareholders upto due date whichever is lower No deduction to be allowed in any other previous year if allowed under section 80M in a particular previous year.