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of <h1>Finance Act, 1966 amends Companies (Profits) Surtax Act, 1964: Changes tax rates, modifies dividend tax rules, omits Paragraph 2.</h1> The Companies (Profits) Surtax Act, 1964, has been amended by the Finance Act, 1966. In the First Schedule, sub-clause (b) of rule 2 is replaced to specify the income-tax payable by companies on dividend distributions. A new sub-clause (c) is inserted, addressing income-tax payable under section 104 of the Income-tax Act, which is considered super-tax for the assessment year starting April 1, 1964. In the Third Schedule, Paragraph 1 is modified to change the tax rate from 40% to 35%, remove certain provisos, and simplify remaining provisions. Paragraph 2 is entirely omitted.
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