What is the meaning of Anonymous donations to be taxed in certain cases? What is Tax on certain dividends received from foreign companies? Section 115BBC and 115BBD of Income Tax Act 1961

Anonymous donations to be taxed in certain cases and Tax on certain dividends received from foreign companies are defined under sections 115BBC and 115BBD of Income Tax Act 1961. Provisions under these Sections are :

Section 115BBC of Income Tax Act "Anonymous donations to be taxed in certain cases"

115BBC. (1) Where the total income of an assessee, being a person in receipt of income on behalf of any university or other educational institution referred to in sub-clause (iiiad) or sub-clause (vi) or any hospital or other institution referred to in sub-clause (iiiae) or sub-clause (via) or any fund or institution referred to in sub-clause (iv) or any trust or institution referred to in sub-clause (v) of clause (23C) of section 10 or any trust or institution referred to in section 11, includes any income by way of any anonymous donation, the income-tax payable shall be the aggregate of-

(i) the amount of income-tax calculated at the rate of thirty per cent on the aggregate of anonymous donations received in excess of the higher of the following, namely:-

(A) five per cent of the total donations received by the assessee; or

(B) one lakh rupees, and

(ii) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the aggregate of anonymous donations received in excess of the amount referred to in sub-clause (A) or sub-clause (B) of clause (i), as the case may be.

(2) The provisions of sub-section (1) shall not apply to any anonymous donation received by-

(a) any trust or institution created or established wholly for religious purposes;

(b) any trust or institution created or established wholly for religious and charitable purposes other than any anonymous donation made with a specific direction that such donation is for any university or other educational institution or any hospital or other medical institution run by such trust or institution.

(3) For the purposes of this section, "anonymous donation" means any voluntary contribution referred to in sub-clause (iia) of clause (24) of section 2, where a person receiving such contribution does not maintain a record of the identity indicating the name and address of the person making such contribution and such other particulars as may be prescribed.

 

Section 115BBD of Income Tax Act "Tax on certain dividends received from foreign companies"

115BBD. (1) Where the total income of an assessee, being an Indian company, includes any income by way of dividends declared, distributed or paid by a specified foreign company, the income-tax payable shall be the aggregate of-

(a) the amount of income-tax calculated on the income by way of such dividends, at the rate of fifteen per cent; and

(b) the amount of income-tax with which the assessee would have been chargeable had its total income been reduced by the aforesaid income by way of dividends.

(2) Notwithstanding anything contained in this Act, no deduction in respect of any expenditure or allowance shall be allowed to the assessee under any provision of this Act in computing its income by way of dividends referred to in sub-section (1).

(3) In this section,-

(i) "dividends" shall have the same meaning as is given to "dividend" in clause (22) of section 2 but shall not include sub-clause (e) thereof;

(ii) "specified foreign company" means a foreign company in which the Indian company holds twenty-six per cent or more in nominal value of the equity share capital of the company.

 

Income Tax Act 1961

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What is Tax on income from units purchased in foreign currency or capital gains arising from their transfer? Section 115AB of Income Tax Act 1961

What is Tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer? Section 115AC of Income Tax Act 1961

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What is Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer? Section 115AD of Income Tax Act 1961

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What is Tax on non-resident sportsmen or sports associations? What is Tax on income from units of an open-ended equity oriented fund of the Unit Trust of India or of Mutual Funds? Section 115BBA and 115BBB of Income Tax Act 1961

What is Tax on non-resident sportsmen or sports associations? What is Tax on income from units of an open-ended equity oriented fund of the Unit Trust of India or of Mutual Funds? Section 115BBA and 115BBB of Income Tax Act 1961

What is the meaning of Anonymous donations to be taxed in certain cases? What is Tax on certain dividends received from foreign companies? Section 115BBC and 115BBD of Income Tax Act 1961

What is Tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D? Section 115BBE of Income Tax Act 1961