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of <h1>Finance Act 1964: Revises Income-tax Act Section 2, Defines Govt-Owned Companies, Fair Market Value, and Taxable Benefits.</h1> The Finance Act of 1964 amends section 2 of the Income-tax Act. It revises clause (18) to redefine a company as government-owned if 40% or more of shares are held by the Government, Reserve Bank of India, or a related corporation. It modifies Explanation 2 to specify an Indian company engaged in manufacturing, processing, mining, or power generation/distribution. Clause (22A) introduces 'fair market value' for capital assets, defining it as the market price or a price determined by rules if unascertainable. Clause (24) adds taxable benefits or perquisites and annuities under specified sections.
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