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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act, 1983 amends Income-tax Act: Changes to section 2 affect profit activities and voting power thresholds.</h1> The Finance Act, 1983 amends the Income-tax Act by modifying section 2. In clause (15), the phrase 'not involving the carrying on of any activity for profit' is removed, effective April 1, 1984. In clause (18), sub-clause (b), item (B) is revised to specify that shares with at least fifty percent voting power must be unconditionally allotted or acquired by the government, a corporation established by law, or a qualifying company or its subsidiary. For Indian companies primarily involved in ship construction, manufacturing, mining, or power generation, the voting power threshold is reduced to forty percent.
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