SECTION 80M-In respect of inter-corporate investment
This section is applicable in respect of dividend distributed on or after the 1st April,2020 (AY 2021-22) With effect from AY 2021-22,dividend received by a shareholder from a domestic company is taxable in the hands of the shareholders.To avoid cascading affect, SECTION 80M has been inserted with effect from AY 2021-22.When a company receives dividend by virtue of its shareholding in another company, such dividends are known as inter-corporate dividends. (Please note that such dividends are exempt from tax when they are received from the domestic company, if received prior to April 1,2020).This section applies to domestic companies that have declared dividend and are also in receipt of the dividend from another domestic company.A deduction is allowed with respect to the dividend received as long as the same is distributed as dividend, one month prior to the due date of filing return. Deduction under the section is lesser of the two amounts given in (a) & (b) below:
(a)Amount of dividend received from domestic companies(Including final dividend, interim dividend and deemed dividend).
(b)Dividend distributed by the investor company to its own shareholders before the due date of filing return.
#NewConcept
#Upgraded
#Incometax
#Commerce
#Paper2
This section is applicable in respect of dividend distributed on or after the 1st April,2020 (AY 2021-22) With effect from AY 2021-22,dividend received by a shareholder from a domestic company is taxable in the hands of the shareholders.To avoid cascading affect, SECTION 80M has been inserted with effect from AY 2021-22.When a company receives dividend by virtue of its shareholding in another company, such dividends are known as inter-corporate dividends. (Please note that such dividends are exempt from tax when they are received from the domestic company, if received prior to April 1,2020).This section applies to domestic companies that have declared dividend and are also in receipt of the dividend from another domestic company.A deduction is allowed with respect to the dividend received as long as the same is distributed as dividend, one month prior to the due date of filing return. Deduction under the section is lesser of the two amounts given in (a) & (b) below:
(a)Amount of dividend received from domestic companies(Including final dividend, interim dividend and deemed dividend).
(b)Dividend distributed by the investor company to its own shareholders before the due date of filing return.
#NewConcept
#Upgraded
#Incometax
#Commerce
#Paper2
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Personally Looking Up For A Resource Person
College Name: Sonacas,Salem,Tamilnadu Topic: Motivational Speech
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Insurance Amendment Bill, 2021 increases the limit on foreign investment in an Indian insurance company from 49% to:
(a) 60%
(b) 74% (c) 100% (d) No Change in FDI Limit
(a) 60%
(b) 74% (c) 100% (d) No Change in FDI Limit
Anonymous Quiz
27%
a
41%
b
20%
c
12%
d
Which of the following is incorrect about Asian Infrastructure Investment Bank ?
(a) AIIB is a multilateral development bank with a mission to improve social and economic outcomes in Asia and beyond.
(b) It is headquartered in Jakarta.
(c) It commenced operations in January 2016.
(d) None is incorrect.
(a) AIIB is a multilateral development bank with a mission to improve social and economic outcomes in Asia and beyond.
(b) It is headquartered in Jakarta.
(c) It commenced operations in January 2016.
(d) None is incorrect.
_____________ scheme was announced in 2020 as a replacement for the Merchandise Export from India Scheme (MEIS).
(a) RODTEP
(b) EXPORT MITRA (c) AAYAT NIRYAT (d) RAFTAAR
(a) RODTEP
(b) EXPORT MITRA (c) AAYAT NIRYAT (d) RAFTAAR
Anonymous Quiz
11%
a
45%
b
30%
c
13%
d
The idea of bank mergers and creating strong megabanks was first mooted by the:
(a) Tarapore Committee
(b) Rangarajan Committee (c) Ghosh Committee (d) Narsimham Committee
(a) Tarapore Committee
(b) Rangarajan Committee (c) Ghosh Committee (d) Narsimham Committee
Anonymous Quiz
15%
a
33%
b
17%
c
35%
d
__________ state was the top FDI destination in 2020-21, accounting for 37% of the foreign equity inflows.
(a) Gujarat
(b) Uttar Pradesh (c) Delhi (d) Tamil Nadu
(a) Gujarat
(b) Uttar Pradesh (c) Delhi (d) Tamil Nadu
Anonymous Quiz
41%
a
24%
b
23%
c
12%
d
In 2020, the largest remittance receiving country was:
(a) India
(b) China (c) US (d) UAE
(a) India
(b) China (c) US (d) UAE
Anonymous Quiz
43%
a
24%
b
20%
c
13%
d
Which is not one of the big three international credit rating agencies controlling approximately 95% of global ratings business ?
(a) Fitch Ratings
(b) Moody’s Investors Service (c) Standard & Poor’s (d) Brickwork Ratings
(a) Fitch Ratings
(b) Moody’s Investors Service (c) Standard & Poor’s (d) Brickwork Ratings
Anonymous Quiz
18%
a
32%
b
24%
c
26%
d
Recently, the 43rd Goods and Services Tax (GST) Council meeting was held. GST council is chaired by:
(a) Prime Minister
(b) Union Finance Minister (c) Revenue Secretary (d) Union Commerce Minister
(a) Prime Minister
(b) Union Finance Minister (c) Revenue Secretary (d) Union Commerce Minister
Anonymous Quiz
26%
a
52%
b
10%
c
12%
d
China recently hosted Foreign Ministers from the 10 ASEAN countries. Which of the following is not an ASEAN member country ?
(a) Cambodia (b) Indonesia (c) Singapore (d) Sri Lanka
(a) Cambodia (b) Indonesia (c) Singapore (d) Sri Lanka
Anonymous Quiz
37%
a
18%
b
21%
c
25%
d
Which is/are correct about International Labour Organization (ILO)? (a) It became the first specialised agency of the United Nations (UN) in the year 1946.
(b) It is headquartered in Geneva, Switzerland.
(c) Both are correct. (d) None is correct.
(b) It is headquartered in Geneva, Switzerland.
(c) Both are correct. (d) None is correct.
Anonymous Quiz
15%
a
23%
b
54%
c
8%
d
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_Google Form Link Will Be Shared On Both Paper-1 & 2 Test Questions_
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Questions:25
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Questions:25
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