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of <h1>Finance Act, 1966 Updates Income-tax Act: Section 33A Development Allowance Percentages and Deduction Procedures Amended</h1> The Finance Act, 1966, amends section 33A of the Income-tax Act, altering the development allowance percentages and deduction procedures. In sub-section (1), clause (i) changes the allowance from 40% to 50%, and clause (ii) from 20% to 30%. The amendment revises the deduction process, allowing initial computation based on costs incurred for planting or replanting and subsequent computation for any excess. Sub-section (2) modifies the timing and calculation method for deductions, aligning them with the revised sub-section (1) provisions, ensuring deductions are calculated at specified rates and in the specified manner.
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