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of <h1>Finance Act 1965: Amendments to Unit Trust of India Act 1963 on Tax Treatment of Qualifying Dividends for Unit Holders</h1> The Finance Act, 1965 amends the Unit Trust of India Act, 1963, particularly section 32, to address the treatment of qualifying dividends for individual unit holders. If a unit holder's total income, excluding qualifying dividends, does not exceed twenty thousand rupees, the dividends are excluded from taxable income. If it exceeds this amount, dividends are included, but a 25% tax deduction is allowed on the dividends. The amendment also introduces a 15% income tax deduction on income distributed to non-resident individual unit holders. Additionally, minor wording changes are made to clauses in sub-section (2).
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