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In partial modification of Board’s Notification No. 87 dated 29th May, 1970, and in exercise of the powers conferred by sub-section (1) of section 121 of the Income-tax Act, 1961 (43 of 1961), the Central Boa
Circular No. 61-Income Tax I am directed to say that in the Finance (No. 2) Bill, 1971, introduced in Parliament on May 28, 1971, it has been proposed to amend the provisions in section 80M. Under the scheme of the said provisions, inter-corporate dividends are subjected to tax at a concessional rate, by allowing a deduction of a specified percentage
