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Tax on certain dividends received from domestic companies. 115BBDA. (1) Notwithstanding anything contained in this Act, where the total income of 1[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 3{“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). 2[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 4[under section 12A or section 12AA or section 12AB] NOTE- 1..Substituted for "an assessee, being an individual, a Hindu undivided family or a firm" by the Finance Act, 2017 (w.e.f. 1-4-2018) 2..substituted for sub-section (3) by the Finance Act, 2017 (w.e.f. 1-4-2018). 3. Substituted by the Finance Act, 2020. Dated 01st February, 2020 Amendment Effective Dated 01st April 2021 in sub-section (1), the words; or companies the following shall be substituted namely; “or companies on or before the 31st day of March, 2020” 4. Substituted by the Finance Act, 2020. Dated 01st February, 2020 Amendment Effective Dated 01st June 2020 in clause (b) sub-section (iii), the words; Section 12A or Section 12AA the following shall be substituted namely;- {section 12A or section 12AA or Section12 AB} 5. Substituted by Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 w.e.f 01.06.2020 Notification No 38/2020 dated 29/09/2020 In clause (b), in sub-clause (iii) ,For the words, figures and letters- under 3{section 12A or section 12AA or Section12AB}] Shall be substituted namely- under section 12A or section 12AA 6. Substituted by Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 w.e.f 01.04.2021 Notification No 38/2020 dated 29/09/2020 In clause (b), in sub-clause (iii) ,For the words, figures and letters- 5[under section 12A or section 12AA] Shall be substituted namely- under section 12A or section 12AA or section 12AB
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