Section 21 - Amendment of section 192 - Finance Act, 1989

21. Amendment of section 192 In section 192 of the Income-tax Act, with effect from the 1st day of June, 1989, - (a) in sub-section (2A), for the words public sector undertaking , the words company, co-operative society, local authority, University, institution, association or body shall be substituted; (b) after sub-section (2A), the following Explanation shall be inserted namely :- Explanation : For the purposes of this sub-section, University means a University established or incorporated by or under a Central, State or Provincial Act, and includes an institution declared under section 3 of the University Grants Commission Act, 1956 (3 of 1956) to be a University for the purposes of that Act. .