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of <h1>Finance Act, 1966: Tax Exemption on Unit Trust of India Income for Individuals Up to 1,000; 15% Deduction for Non-Residents</h1> The Finance Act, 1966 amends the Unit Trust of India Act, 1963, specifically section 32. For individual unit-holders, income from units up to one thousand rupees is exempt from inclusion in total income under the Income-tax Act, 1961. If the income exceeds this amount, only one thousand rupees is exempt. For non-resident individual unit-holders, no income tax deduction is made if income does not exceed one thousand rupees. If it exceeds, a 15% tax deduction applies to the entire income distributed by the Trust. The term 'previous year' aligns with its definition in the Income-tax Act, 1961.
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