# The Finance Act, 2016, Section 21: Amendment of section 36

- Act: The Finance Act, 2016
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2016/section/21/

## Text

Amendment of section 36. 21. In section 36 of the Income-tax Act, in sub-section (1), in clause (viia), with effect from the 1st day of April, 2017,— (i) | after sub-clause (c) and before the Explanation, the following sub-clause shall be inserted, namely:— "(d) | a non-banking financial company, an amount not exceeding five per cent of the total income (computed before making any deduction under this clause and Chapter VI-A)."; (ii) | in the Explanation, after clause (vi), the following clause shall be inserted, namely:— '(vii) | "non-banking financial company" shall have the meaning assigned to it in clause (f) of section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934);'.

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