# The Finance Act, 1991, Section 14: Amendment of section 36

- Act: The Finance Act, 1991 (Act 49 of 1991)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1991/section/14/

## 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.

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