Amendment of section 36

Section 5 of the Finance Act, 1974 deals with amendment of section 36. Amendment of section 36. 5. in section 36 of the Income-tax Act, in clause (viii) of sub-section (1), with effect from the 1st day of April, 1975,— (a) for the portion beginning with the words "an amount not exceeding—" and ending with the words "ten per cent.,", the following shall be substituted,

Amendment of section 36.

5. in section 36 of the Income-tax Act, in clause (viii) of sub-section (1), with effect from the 1st day of April, 1975,—

(a) for the portion beginning with the words "an amount not exceeding—" and ending with the words "ten per cent.,", the following shall be substituted, namely:—

"an amount not exceeding—

(a) in the case of a Financial Corporation or a Joint Financial Corporation established under the State Financial Corporations Act, 1951 (63 of 1951), or an institution deemed under section 46 of that Act to be a Financial Corporation established by the State Government for the State within the meaning of that Act, forty per cent.,

(b) in the case of any other financial corporation,—

(i) where the paid-up share capital of the corporation does not exceed three, crores of rupees, twenty-five per cent.,

(ii) where the paid-up share capital of the corporation exceeds three crores of rupees, ten per cent.,";

(b) the Explanation shall be omitted.

[Finance Act, 1974]

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Section 5, The Finance Act, 1974.