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<h1>Income-tax Act Section 85A amended: Key changes to proviso and Explanation update schedule references.</h1> Section 85A of the Income-tax Act has been amended by the Finance Act, 1966. The amendment involves changes to the proviso and the Explanation. In the proviso, the phrase 'wholly or' is removed, and references to 'the list in paragraph 2 of the Third Schedule to the Companies (Profits) Surtax Act, 1964' are replaced with 'the list in the Fifth Schedule.' Similarly, in the Explanation, the same substitution is made, updating references from the Third Schedule to the Fifth Schedule.