# The Finance Act, 1985, Section 3: Amendment of section 2

- Act: The Finance Act, 1985 (Act 32 of 1985)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1985/section/3/

## Text

CHAPTER III DIRECT TAXES Income-tax Amendment of section 2. 3. In section 2 of the. Income-tax Act, in clause (18), after sub-clause (ab), the following sub-clause shall be inserted and shall be deemed to have been inserted with effect from the, 1st day of April, 1984, namely: — (ac) if it is a mutual benefit finance company, that is to say, a company which carries on, as its principal business, the business of acceptance of deposits from its members and which is declared by the Central Government under section 620A of the Companies Act, 1956 (1 of 1956), to be a Nidhi or Mutual Benefit Society; or". [Finance Act, 1985] © Copyright. Taxmann Publications Pvt. Ltd.

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