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1[4A. Deduction of income-tax.-- Where the stipulated dividend in respect of a preference share of a
company--
(a) is specified to be subject to income-tax and a deduction is made therefrom on account of the
income-tax payable by the company, or
(b) is being paid subject to a deduction therefrom on account of the income-tax payable by the
company, notwithstanding the absence of any specification that the dividend would be subject to
income-tax,
2[such deduction made by the company from any dividend declared after the 28th day of February, 1966
shall in no case exceed twenty-seven and a half per cent. of the aggregate of--
(i) the stipulated dividend, and
(ii) an amount equal to eleven per cent. of the stipulated dividend as specified in sub-section (3)
of section 3.]]
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1. Ins. by Act 10 of 1965, s. 72 (w.e.f. 1-4-1965).
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2. Subs. by Act 13 of 1966, s. 52, for certain words, figures, letters and brackets (w.e.f. 1-4-1966).
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