- In section 115-0 of the Income-tax Act, in sub-section (IA), for clause (1), the following clause shall be substituted with effect from the 1st day of June, 2013, namely:-"(i) the amount of dividend, if any, received by the domestic company during the financial year, if such dividend is received from its subsidiary and,-(a)where such subsidiary is a domestic company, the subsidiary has paid the tax which is payable under this section on such dividend; or(b)where such subsidiary is a foreign company, the tax is payable by the domestic company under section 115BBD on such dividend:Provided that the same amount of dividend shall not be taken into account for reduction more than once;".
