# The Finance Act, 1996, Section 14: Amendment of section 36

- Act: The Finance Act, 1996 (Act 33 of 1996)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1996/section/14/

## Text

Amendment of section 36. 14. In section 36 of the Income-tax Act, in sub-section (I),' in clause (viii),— (a) for the words "before making any deduction under this section", the words "before making any deduction under this clause" shall be substituted and shall be deemed to have been substituted; (b) in the second proviso, for the brackets and words "(excluding the amounts Capitalised from reserves)", the words "and of the general reserves" shall be substituted with effect from the 1st day of April. 1997; (c) in the Explanation, after clause (d), the following clause shall be inserted and shall be deemed to have been inserted, namely:— '(e) "long-term finance" means any loan or advance where the terms under which moneys are loaned or advanced provide for repayment along with interest thereof during a period of not less than five years.'. [Finance (No. 2) Act, 1996] © Copyright. Taxmann Publications Pvt. Ltd.

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