India - Income Tax Act 2010 - Saarc

1.819 CH. XVIII - RELIEF RESPECTING TAX ON DIVIDENDS S. 236(iv) any deduction, from the Indian income-tax payable, allowed undersection 91, on account of tax paid in a country outside India; and(v) any tax credit allowed to be set off in accordance with the provisionsof section 115JAA.](2) The provisions of this section shall apply in respect of assessments for theassessment year commencing on the 1st day of April, 1989 and subsequentassessment years.]]92[Interest on excess refund.234D. (1) Subject to the other provisions of this Act, where any refund isgranted to the assessee under sub-section (1) of section 143, and—(a) no refund is due on regular assessment; or(b) the amount refunded under sub-section (1) of section 143 exceeds theamount refundable on regular assessment,the assessee shall be liable to pay simple interest at the rate of 93 [one-half] percent on the whole or the excess amount so refunded, for every month or part ofa month comprised in the period from the date of grant of refund to the date ofsuch regular assessment.(2) Where, as a result of an order under section 154 or section 155 or section 250or section 254 or section 260 or section 262 or section 263 or section 264 or anorder of the Settlement Commission under sub-section (4) of section 245D, theamount of refund granted under sub-section (1) of section 143 is held to becorrectly allowed, either in whole or in part, as the case may be, then, the interestchargeable, if any, under sub-section (1) shall be reduced accordingly.Explanation.—Where, in relation to an assessment year, an assessment is madefor the first time under section 147 or section 153A, the assessment so made shallbe regarded as a regular assessment for the purposes of this section.]CHAPTER XVIIIRELIEF RESPECTING TAX ON DIVIDENDS IN CERTAIN CASESRelief to shareholders in respect of agricultural income-tax attributable todividends.235. [Omitted by the Finance (No. 2) Act, 1971, w.e.f. 1-4-1972. Prior to itsomission, it was amended by the Taxation Laws (Amendment) Act, 1970,w.e.f. 1-4-1971 and with retrospective effect from 1-4-1962, the Finance Act, 1966,w.e.f. 1-4-1966 and the Finance Act, 1965, w.e.f. 1-4-1965.]Relief to company in respect of dividend paid out of past taxed profits.236. 94 (1) Where in respect of any previous year relevant to the assessmentyear commencing after the 31st day of March, 1960, an Indian company ora company which has made the prescribed arrangements for the declaration and92. Inserted by the Finance Act, 2003, w.e.f. 1-6-2003.93. Substituted for “two-third” by the Taxation Laws (Amendment) Act, 2003, w.e.f. 8-9-2003.94. See rule 27.