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of <h1>Tax Authority Clarifies Dividend Rules u/ss 104 and 105 of Income-tax Act for Assessment Year 1974-75 Onwards.</h1> The circular, issued by the tax authority on October 9, 1974, addresses amendments made by the Finance Act, 1973, to Sections 104 and 105 of the Income-tax Act, 1961. It specifies that dividends distributed by a company beyond twelve months after the end of the previous year should not be considered when determining additional income tax under Section 104. This amendment applies from the assessment year 1974-75 onwards. Tax officers are instructed to consider only dividends distributed within the specified twelve-month period when making assessments under Section 104. These instructions must be communicated to all relevant officers.
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