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of <h1>Tax Credit for Charitable Institutions: Section 236A Offers Relief on Dividend Income for Nonprofit Organizations</h1> A new section 236A was inserted in the Income-tax Act, providing tax relief for certain charitable institutions receiving dividends. The provision allows a tax credit calculated based on the proportion of dividends received by the institution relative to the total dividends distributed by a company. If the credit exceeds the institution's tax liability, the excess will be refunded. This amendment applies to assessment years beginning on or after April 1, 1964.
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