Section 33 - Amendment of section 280 ZB - Finance Act, 1966

33. Amendment of section 280 ZB In section 280ZB of the Income-tax Act, in Explanation 2, for the sentence beginning with the words The amount of income-tax payable by the company and ending with the words during the previous year or any previous year prior to that year. , the following shall be substituted, namely:- The amount of income-tax payable by the company for any assessment year shall be computed after making allowance for any relief, rebate or deduction in respect of income-tax to which the company is entitled under the provisions of this Act or the annual Finance Act and after deducting from such amount of income-tax- (a) the amount of additional income-tax, if any, payable by the company under the provisions of section 104; and (b) (i) in respect of the assessment year commencing on the 1st day of April, 1965, the amount, if any, by which the rebate of income-tax admissible to the company under the provisions of the Finance Act, 1965(10 of 1965), is, under the provisions of the said Act, reduced with reference to the face value of any bonus shares or the amount of any bonus issued by the company to its shareholders during the previous year or any previous year prior to that year' or with reference to any amount of dividends declared or distributed by it during the previous year or any previous year prior to that year; or (ii) in respect of the assessment year commencing on the 1st day of April, 1966, or any subsequent assessment year, the amount of income-tax, if any, payable by the company under the provisions of the annual Finance Act with reference to the relevant amount of distributions of dividends by it. .