Deduction for Inter-Corporate Dividend [Section 80M]
• A domestic company is eligible to claim deduction for dividend income received from another domestic company, a foreign company, or a business trust.
• Deduction is allowed when the domestic company further distributes the dividend to its shareholders on or before one month prior to the due date of furnishing the original return of income.
• Dividend amount claimed as deduction in a previous year cannot be claimed again in any other year.