# The Finance Act, 1980, Section 19: Amendment of section 80L

- Act: The Finance Act, 1980 (Act 44 of 1980)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1980/section/19/

## Text

Amendment of section 80L 19. In section 80L of the Income-tax Act, in sub-section (1), for clause (vii), the following clause shall be substituted with effect from the 1st day of April, 1981, namely:- (vii) interest on deposits with a financial corporation which is engaged in providing long-term. finance for industrial development in India or with a public company, formed and registered in India with the main object of carrying on the business of providing long-term finance for construction or purchase of houses in India for resi dential purposes: Provided that the corporation or, as the case may be, the company is for the time being approved by the Central Government for the purposes of clause (viii) of sub-section (1) of section 36;". [Finance (No. 2) Act, 1980] © Copyright. Taxmann Publications Pvt. Ltd.

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