# The Finance Act, 1966, Section 20: Amendment of section 104

- Act: The Finance Act, 1966 (Act 13 of 1966)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1966/section/20/

## Text

Amendment of section 104 20. In section 104 of the Income-tax Act,— (a) in sub-section (1),— (i) for the words, brackets and figure— "on the distributable income as reduced by— (i) the amount of dividends actually distributed, and", the words "on the distributable income as reduced by the amount of dividends actually distributed, if any" shall be substituted; (ii) clause (ii) shall be omitted; (b) in sub-section (4),— (i) in clause (a), for the words "wholly or mainly", the words "mainly in the construction of ships or" shall be substituted; (ii) after clause (b), the following clause shall be, and shall be deemed always to have been, inserted, namely:— "(c) a company which is neither an Indian company nor a company which has made the prescribed arrangements for the declaration and payment of dividends within India."; (iii) in the Explanation, after the Words "consist mainly in", the words "the construction of ships or in" shall be inserted,. [Finance Act, 1966] © Copyright. Taxmann Publications Pvt. Ltd.

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