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Section 4A: Deduction of income-tax.

The Preference Shares (Regulation of Dividends) Act, 1960Central Act · Act 63 of 1960

[4A. Deduction of income-tax.-- Where the stipulated dividend in respect of a preference share of a company--

(a) is specified to be subject to income-tax and a deduction is made therefrom on account of the income-tax payable by the company, or

(b) is being paid subject to a deduction therefrom on account of the income-tax payable by the company, notwithstanding the absence of any specification that the dividend would be subject to income-tax,

[such deduction made by the company from any dividend declared after the 28th day of February, 1966 shall in no case exceed twenty-seven and a half per cent. of the aggregate of--

(i) the stipulated dividend, and

(ii) an amount equal to eleven per cent. of the stipulated dividend as specified in sub-section (3) of section 3.]]

Where this provision sits

ActThe Preference Shares (Regulation of Dividends) Act, 1960
Section4A
Marginal noteDeduction of income-tax.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted, Act 10 of 1965. . Ins. by Act 10 of 1965, s. 72 (w.e.f. 1-4-1965).
  • substituted, Act 13 of 1966. . Subs. by Act 13 of 1966, s. 52, for certain words, figures, letters and brackets (w.e.f. 1-4-1966).

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