SectionsParticulars
1Short title and commencement
(1) This Act may be called the Preference Shares (Regulation of Dividends) Act, 1960. (2) It extends to the whole of India: that it shall not apply to the Stat...
2Definitions
In this Act, unless the context otherwise requires,- (a) "Companies Act" means the Companies Act, 1956 (1 of 1956); (b) "company" means an Indian company as de...
3Regulation of dividends on preference shares in certain cases
(1) Where the stipulated dividend in respect of a preference share of a company issued and subscribed for before the lst April, 1960- (a) is specified to be fr...
4Special provisions in relation to companies where a portion of their income is not chargeable to income-tax
Where any preference share of a company has been issued and subscribed for before the lst April, 1960, and any portion of the profits and gains of the company...
4ADeduction 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 deduction is made there from on ...
5Overriding effect of Act
(1) The provision of this Act shall have effect notwithstanding anything to the contrary contained in any law for the time being in force or in the memorandum...
6Act not to apply to participating preference dividends
Nothing contained in sections 3 or 4 shall apply to such part of any dividends on preference shares as is referred to in clause (1) of the Explanation to sub-...
7Power to make rules
(1) The Central Government may, by notification in the Official Gazette, make rules for carrying out the purposes of this Act. (2) Every rule made under this s...
ScheduleModification Of The Act In Its Application To The Union Territory Of Pondicherry
[See section 1(3)] 1. Sections 3 and 4 shall be omitted. 2. In section 4A, for the words, brackets, letters and figures "twenty-seven and a half per cent of t...
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