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of <h1>Finance Act 1966 Amends Section 236A: Updates Dividend Credit Provisions and Effective Dates in Income-tax Act.</h1> Section 236A of the Income-tax Act has been amended by the Finance Act, 1966. In sub-section (1), the date 'the 1st day of April, 1964' is replaced with 'the 1st day of April, 1966.' Sub-section (2) is revised to specify that the credit amount is proportional to the tax payable by the company under the annual Finance Act, based on the dividends (excluding preference share dividends) received by an institution or fund compared to the total dividends declared by the company. The term 'relevant amount of distributions of dividends' is defined in the Finance Act of the respective year.
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