Interest Deduction Limit - Whether Applicable on Gross or Net Dividends?

The Finance Act 2020 has introduced several amendments to the Income-tax Act, 1961 (“IT Act”) such as change in residential criteria for individuals and widening the scope of digital transaction taxation. One significant amendment which has caught the eyes of the corporate investors most is the resurrection of the classical dividend taxation regime to tax dividends in the hands of shareholders, thereby doing away with the Dividend Distribution Tax (“DDT”).