Section 20 - Amendment of section 104 - Finance Act, 1966

20. Amendment of section 104 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.