- In section 57 of the Income-tax Act, with effect from the 1st day of April, 2021, -(a)in clause (i), for the words, figures and letter "dividends, other than dividends referred to in section 115-O", the word "dividends" shall be substituted;(b)the following proviso shall be inserted, namely: -"Provided that no deduction shall be allowed from the dividend income, or income in respect of units of a Mutual Fund specified under clause (23D) of section 10 or income in respect of units from a specified company defined in the Explanation to clause (35) of section 10, other than deduction on account of interest expense, and in any previous year such deduction shall not exceed twenty per cent. of the dividend income, or income in respect of such units, included in the total income for that year, without deduction under this section.".
