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of <h1>Finance Act 1966 amends Income-tax Act Section 13 to regulate trust income benefiting founders or contributors.</h1> Section 13 of the Income-tax Act has been amended by the Finance Act, 1966, to modify clause (b), sub-clause (ii). The amendment specifies that if any part of the income or property of a trust or institution benefits the trust's author, founder, or substantial contributor, or their relatives, directly or indirectly, it will be subject to scrutiny. If such benefit does not exceed 25% of the trust's income for the previous year, the section's provisions will apply only to the income portion within this limit. This aims to regulate the misuse of trust income for personal gain.
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