Section 55 - Amendment of Section 235 - Finance Act, 1965

55. Amendment of Section 235 In section 235 of the Income tax Act, for clause (b), the following clause shall be substituted, namely :- (b) where the shareholder (i) is not a company, the amount of income tax payable by him under this Act but not exceeding income tax calculated at the rate of twenty five per cent., and (ii) is a company, twenty five per cent., on that portion of the dividend which is attributable to the profits of the company assessed to agricultural income tax, .