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of <h1>Finance Act 1976 amends Unit Trust of India Act 1963, revising tax clause for Hindu undivided families.</h1> Section 42 of the Finance Act, 1976, amends the Unit Trust of India Act, 1963. It revises clause (b) of sub-section (1) in section 32, replacing sub-clause (ii). The new sub-clause, effective from April 1, 1977, specifies that a Hindu undivided family is included unless, during the previous year, it has at least one member whose total income exceeds the maximum amount not subject to income tax under the Income-tax Act, 1961.
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