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of <h1>Finance Act, 1965 amends Section 235: Caps Dividend Tax on Agricultural Income at 25% for Individuals and Companies.</h1> The Finance Act, 1965, amends Section 235 of the Income Tax Act by replacing clause (b). It specifies that for shareholders who are not companies, the income tax payable on dividends attributable to profits assessed to agricultural income tax shall not exceed 25%. For shareholders that are companies, the tax rate on such dividends is set at 25%. This amendment clarifies the tax obligations on dividends related to agricultural income for both individual and corporate shareholders.
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