Section 24 - Amendment of Section 194 - Finance (No. 2) Act, 1977

24. Amendment of Section 194 In section 194 of the Income-tax Act, with effect from the 1st day of October, 1977, - (a) in the proviso, for the words Provided that , the words Provided further that shall be substituted; (b) before the proviso as so amended, the following proviso shall be inserted, namely :- Provided that no such deduction shall be made in the case of any shareholder, not being a company, if - (a) the shareholder is resident in India; (b) the amount of such dividend does not exceed two hundred and fifty rupees, and (c) the shareholder furnishes to the person responsible for paying the dividend a statement in writing in the prescribed form and verified in the prescribed manner declaring that his estimated total income of the previous year in which such dividend is to be included under the provisions of section 8 will be less than the minimum liable to income-tax : .