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of <h1>Finance Act 1966 amends Section 32: New deductions for machinery, expanded 'moneys payable' definition, updated salary threshold.</h1> Section 32 of the Income-tax Act is amended by the Finance Act, 1966. A proviso is added to clause (ii) allowing the actual cost of machinery or plant not exceeding seven hundred and fifty rupees as a deduction in the year it is first used for business. In clause (iii), the definition of 'moneys payable' for buildings, machinery, plant, or furniture is expanded to include insurance, salvage, or compensation payments and sale prices. Clause (iv) is updated to change the income threshold for individuals under the 'Salaries' head to seven thousand five hundred rupees or less.
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