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of <h1>Finance Act, 1965 Updates Income Tax Act: Revises Definitions, Adds Tax Credit Certificates, Alters Shareholding Rules</h1> The Finance Act, 1965 amends Section 2 of the Income Tax Act by revising several clauses. Clause (7) replaces 'income tax or super tax' with 'any tax.' Clause (11) is removed. Clause (18) is modified to redefine the entities holding shares, including the government, corporations, and certain companies. An addition to Explanation 1 in clause (18) includes subsidiary companies. Clause (22) introduces a new sub-clause regarding distributions related to capitalized profits. Clause (30) omits specific figures, and clause (43) redefines 'tax' for assessment years post-April 1, 1965, while introducing 'tax credit certificate' in clause (43A). Clause (46) is omitted.
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