[1][115-O. Tax on distributed profits of domestic companies.

[2][(1) Notwithstanding anything contained in any other provision of this Act and subject to the provisions of this section, in addition to the income-tax chargeable in respect of the total income of a domestic company for any assessment year, any amount declared, distributed or paid by such company by way of dividends (whether interim or otherwise) on or after the 1st day of April, 2003 [3][but on or before the 31st day of March, 2020], whether out of current or accumulated profits shall be charged to additional income-tax (hereafter referred to as tax on distributed profits) [4][at the rate of fifteen per cent].]

[5][Provided that in respect of dividend referred to in sub-clause (e) of clause (22) of Section 2, this sub-section shall have effect as if for the words fifteen per cent., the words thirty per cent. had been substituted;]

[6][(1A) The amount referred to in sub-section (1) shall be reduced by,

[7][(i) the amount of dividend, if any, received by the domestic company during the financial year, if such dividend is received from its subsidiary and,

(a) where such subsidiary is a domestic company, the subsidiary has paid the tax which is payable under this section on such dividend; or

(b) where such subsidiary is a foreign company, the tax is payable by the domestic company under Section 115BBD on such dividend: