{"act":{"id":"finance-act-1991","short_title":"The Finance Act, 1991","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 1991-1992.","act_number":"49","act_year":1991,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":120,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-1991/"},"unit":"section","section":{"number":"14","heading":"Amendment of section 36","text":"Amendment of section 36. 14. In section 36 of the Income-tax Act, in sub-section (1),— (i) in clause (viia), with effect from the 1st day of April, 1992,— (a) after sub-clause (b), the following sub-clause shall be inserted, namely: — \" (c) a public financial institution or a State financial corporation or a State industrial investment corporation, an amount not exceeding five per cent- of the total income (computed before making any deduction under this clause and Chapter VI-A).\"; (b) in the Explanation, after clause (ii), the following clauses shall be inserted, namely: — '(iii) \"public financial institution\" shall have the meaning assigned to it in section 4A of the Companies Act, 1956 (1 of 1956); (iv) \"State financial corporation\" means a financial corporation established under section 3 or section 3A or an institution notified under section 46 of the State Financial Corporations Act, 1951 (63 of 1951); (v) \"State industrial investment corporation\" means a Government company within the meaning of section 617 of the Companies Act, 1956 (1 of 1956), engaged in the business of providing long-term finance for industrial projects and approved by the Central Government under clause (viii) of this sub-section;'; (ii) in clause (viii), for the Explanation, the following Explanation shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1987, namely: — 'Explanation.—In this clause,-— (a) \"financial corporation\" shall include a public company; (b) \"public company\" shall have the meaning assigned to it in section 3 of the Companies Act, 1956 (1 of 1956).'. [Finance (No. 2) Act, 1991] © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 36.</b></p><p><b>14.</b> In section 36 of the Income-tax Act, in sub-section (<i>1</i>),—</p><p>(<i>i</i>) in clause (<i>viia</i>), with effect from the 1st day of April, 1992,—</p><p>(<i>a</i>) after sub-clause (<i>b</i>), the following sub-clause shall be inserted, namely: —</p><p>\" (<i>c</i>) a public financial institution or a State financial corporation or a State industrial investment corporation, an amount not exceeding five per cent- of the total income (computed before making any deduction under this clause and Chapter VI-A).\";</p><p>(<i>b</i>) in the <i>Explanation</i>, after clause (<i>ii</i>), the following clauses shall be inserted, namely: —</p><p>'(<i>iii</i>) \"public financial institution\" shall have the meaning assigned to it in section 4A of the Companies Act, 1956 (1 of 1956);</p><p>(<i>iv</i>) \"State financial corporation\" means a financial corporation established under section 3 or section 3A or an institution notified under section 46 of the State Financial Corporations Act, 1951 (63 of 1951);</p><p>(<i>v</i>) \"State industrial investment corporation\" means a Government company within the meaning of section 617 of the Companies Act, 1956 (1 of 1956), engaged in the business of providing long-term finance for industrial projects and approved by the Central Government under clause (<i>viii</i>) of this sub-section;';</p><p>(<i>ii</i>) in clause (<i>viii</i>), for the <i>Explanation</i>, the following <i>Explanation</i> shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1987, namely: —</p><p><i>'Explanation.</i>—In this clause,-—</p><p>(<i>a</i>) \"financial corporation\" shall include a public company;</p><p>(<i>b</i>) \"public company\" shall have the meaning assigned to it in section 3 of the Companies Act, 1956 (1 of 1956).'.</p><p>[Finance (No. 2) Act, 1991]</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":269,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1991/section/14/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}