Section 28 - Amendment of section 236A - Finance Act, 1966

28. Amendment of section 236A In section 236A of the Income-tax Act,- (a) in sub-section (1), for the words, figures and letters the 1st day of April, 1964 , the words, figures and letters the 1st day of April, 1966 shall be substituted; (b) for sub-section (2), the following sub-section shall be substituted, namely:- (2) The amount to be given as credit under sub-section (1) shall be a sum which bears to the amount of the tax payable by the company under the provisions of the annual Finance Act with reference to the relevant amount of distributions of dividends by it the same proportion as the amount of the dividends (other than dividends on preference shares) received by the institution or fund from the company bears to the total amount of dividends (other than dividends on preference shares) declared or distributed by the company during the previous year. Explanation.-In sub-section (2) of this section and in section 280ZB, the expression the relevant amount of distributions of dividends has the meaning assigned to it in the Finance Act of the relevant year, .