Section 80M shall be inserted after section 80LA by the Finance Act, 2020, w.e.f. 1-4-2021 :
Section 80M of Income Tax Act "Deduction in respect of certain inter-corporate dividends"
80M. (1) Where the gross total income of a domestic company in any previous year includes any income by way of dividends 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 in computing the total income of such domestic company, a deduction of an amount equal to so much of the amount of income by way of dividends received from such other domestic company or foreign company or business trust as does not exceed the amount of dividend distributed by it on or before the due date.-
(2) Where any deduction, in respect of the amount of
dividend distributed by the domestic company, has been
allowed under sub-section (1) in any previous year, no
deduction shall be allowed in respect of such amount in any
other previous year.
Explanation.-For the purposes of this section, the
expression "due date" means the date one month prior to the
date for furnishing the return of income under sub-section
(1) of section 139.
Section 80IAC Special provision in respect of specified business
Section 80IBA Deductions in respect of profits and gains from housing projects
80IE Special provisions in respect of certain undertakings in North-Eastern States
What is Deduction in respect of income of co-operative societies? Section 80P of Income Tax Act 1961
What is Deduction in respect of royalty on patents? Section 80RRB of Income Tax Act 1961
What is Deduction in case of a person with disability? Section 80U of Income Tax Act 1961