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<h1>Amendment to Companies (Profits) Surtax Act, 1964: Changes to Debenture Rules Effective April 1, 1974</h1> The amendment to the Companies (Profits) Surtax Act, 1964, effective April 1, 1974, modifies provisions related to debentures. In the First Schedule, clause (i) of rule 3 is revised to specify debentures referred to in clause (iv). In the Second Schedule, clause (iv) of rule 1 is replaced to include debentures issued to the public, with a condition that they are not redeemable before seven years from issuance. Additionally, rule 3 is amended to clarify references to debentures and borrowing, aligning with the updated clause (iv) in rule 1.