Section 80M has been inserted w.e.f. A.Yr.2021-22 i.e. F.Yr. 2020-21.
Section 80M prescribes that when a domestic company receives any dividend from any domestic company, foreign company or any business trust, the amount of dividend received will be eligible for deduction under this section.
There is no limit on this deduction i.e. all inter-corporate dividends will be deductible u/s 80M.
The dividend distributed by companies till the due date will be eligible for deduction.
The due date has been prescribed as the date which is one month prior to the due date of filing of return for the companies. i.e. All dividends received till one month prior to the due date of filing of return for the companies will be eligible for deduction under this section.
