Section 41 - Amendment of section 235 - Taxation Laws (Amendment) Act, 1970

41. Amendment of section 235. In section 235 of the Income-tax Act, (a) in sub-clause (ii) of clause (b), for the words twenty- seven and a half per cent. , the words the amount of income-tax payable by it under this Act shall be substituted; (b) the following Explanation shall be, and shall be deemed always to have been, inserted at the end, namely:- Explanation. Where any person other than the shareholder is chargeable to tax under this Act on the dividend referred to in this section, references in this section to the shareholder shall be construed as references to such other person. .