Withdrawal of concessional tax incidence on dividend from foreign companies under section 115BBD.
Sec 115BBD – concessional rate of tax of 15 per cent on dividend income received by an Indian company from a foreign subsidiary company in which the said Indian company holds 26 per cent (or more) in nominal value of equity shares.
The aforesaid provisions of section 115BBD will not be applicable from the assessment year 2023-24 onwards.
Normal corporate tax rate is applicable from AY 2023-24.
