Section 43 - Amendment of Act 7 of 1964 - Finance Act, 1966

43. Amendment of Act 7 of 1964 In the Companies (Profits) Surtax Act, 1964,- (a) in the First Schedule, in clause (i) of rule 2,- (i) for sub-clause (b), the following sub-clause shall be substituted, namely:- '(b) 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. Explanation.-In this sub-clause, the expression the relevant amount of distributions of dividends has the meaning assigned to it in the Finance Act of the relevant year;'; (ii) after sub-clause (b), the following sub-clause shall be, and shall be deemed always to have been, inserted, namely:- '(c) the amount of income-tax, if any, payable by the company under section 104 of the Income-tax Act. Explanation.-In relation to the assessment year commencing on the 1st day of April, 1964, the reference in this sub-clause to income-tax shall be construed as a reference to super-tax ;'; (b) in the Third Schedule.- (i) in Paragraph 1,- (1) for the figures and words 40 per cent. , the figures and words 35 per cent. shall be substituted; (2) the first and second provisos shall be omitted: (3) in the third proviso,- (A) for the words Provided further , the word Provided shall be substituted; (B) in clause (a), the words after deducting from such amount of income-tax the amount, if any, by which the rebate of income-tax admissible to the company under the provisions of the annual Finance Act 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 shall be omitted; (ii) Paragraph 2 shall be omitted.