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of <h1>Finance Act, 1967: Updates for Income Tax Year 1967; Modifies Dividend Distribution Rules; Repealed by Finance (No. 2) Act, 1967.</h1> The Finance Act, 1967, modifies the application of the Finance Act, 1966, for the income tax assessment year starting April 1, 1967. Key changes include replacing '1966' with '1967' in relevant sections, omitting certain subsections, and specifying conditions for exports and sales made before June 6, 1966. In the First Schedule, a new explanation redefines 'the relevant amount of distributions of dividends,' considering the company's total income and dividend declarations exceeding 10% of its paid-up equity share capital. These amendments were repealed by the Finance (No. 2) Act, 1967, on August 5, 1967.
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