Amendment of section 36

Section 21 of the Finance Act, 2016 deals with amendment of section 36. 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 The Act was enacted on 27 Jun 2016.

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);'.

Section 21, The Finance Act, 2016.