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of <h1>Income-tax Act Section 15C now includes hotels; new criteria for qualification and assessment periods introduced.</h1> Section 15C of the Income-tax Act is amended to include hotels alongside industrial undertakings. Sub-section (2A) specifies criteria for hotels to qualify, such as starting operations after April 1, 1961, not being formed from existing businesses, being owned by a registered company with a minimum capital of 500,000 rupees, and meeting certain standards. The Central Government must approve qualifying hotels. Amendments also include the insertion of 'or a hotel' in various sub-sections, and a new sub-section (7) specifies the assessment periods for hotels. An explanation on dividend tax computation is added to sub-section (4).
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