Section 14 - Amendment of section 36 - Finance (No. 2) Act, 1991

14. Amendment of section 36. In section 36 of the Income-tax Act, in sub-section (1),- (i) in clause (viia), with effect from the 1st day of April, 1992,- (a) after sub-clause (b), the following sub-clause shall be inserted, namely: (c) a public financial institution or a State financial corporation or a State industrial investment corporation, an amount not exceeding five per cent. of the total income (computed before making any deduction under this clause and Chapter VI-A). ; (b) in the Explanation, after clause (ii), the following clauses shall be inserted, namely:- (iii) public financial institution shall have the meaning assigned to it in section 4A of the Companies Act, 1956 (1 of 1956); (iv) State financial corporation means a financial corporation established under section 3 or section 3A or an institution notified under section 46 of the State Financial Corporations Act, 1951 (63 of 1951); (v) State industrial investment corporation means a Government company within the meaning of section 617 of the Companies Act, 1956 (1 of 1956), engaged in the business of providing long-term finance for industrial projects and approved by the Central Government under clause (viii) of this sub-section; ; (ii) in clause (viii), for the Explanation, the following Explanation shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1987, namely:- Explanation. In this clause,- (a) financial corporation shall include a public company; (b) public company shall have the meaning assigned to it in section 3 of the Companies Act, 1956 (1 of 1956). .