PQR Ltd., a domestic company, has distributed on 15.10.2020, dividend of ` 230 lakh to its shareholders. On 17.9.2020, PQR Ltd. has received dividend of ` 60 lakh from its domestic subsidiary company XYZ Ltd. What would be deduction under section 80M allowable to PQR Ltd?
1 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 05 May 2021
The deduction available to domestic companies can be summarised as follows:
1)Amount of dividend received from domestic companies; or,
2)Amount of dividend distributed one month prior to the due date of filing return;
….whichever is lesser.
Deduction u/s 80M will be 60 lakhs rupees
1)Amount of dividend received from domestic companies; or,
2)Amount of dividend distributed one month prior to the due date of filing return;
….whichever is lesser.
Deduction u/s 80M will be 60 lakhs rupees
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