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of <h1>Amendments to Finance Act, 1966: Revised Definitions in Income-tax Act, Including Clauses (18), (22), and (42A) on Capital Assets</h1> The Finance Act, 1966, amends the Income-tax Act in several ways. In section 2, clause (18) is revised to specify companies that are not private. Clause (18) also changes the wording to focus on companies mainly involved in ship construction. Clause (22) is updated to include a specific timeframe for certain provisions. Clause (42A) is amended to exclude certain capital assets, specifically certificates issued by authorized dealers under the Foreign Exchange Regulation Act, from being considered capital assets if held for less than twelve months before transfer, with a specified period for foreign currency remittance to India.
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