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of <h1>Amendment to Income-tax Act: Changes in Section 104 Affect Dividend Distribution and Ship Construction Provisions.</h1> The Finance Act, 1966 amends Section 104 of the Income-tax Act. In sub-section (1), the amendment replaces the phrase concerning the reduction of distributable income by dividends actually distributed. Clause (ii) of this sub-section is omitted. Sub-section (4) sees changes in clause (a), substituting 'wholly or mainly' with 'mainly in the construction of ships or.' Additionally, a new clause (c) is inserted, addressing companies that are neither Indian nor have made arrangements for dividend declarations within India. The Explanation is updated to include 'the construction of ships or in.'
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