Clause 21 - Amendment of section 36. - Finance Bill, 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.); .