Section 10 - Amendment of Section 36 - Finance Act, 1995

10. Amendment of Section 36 In section 36 of the Income-tax Act, in sub-section (1), in clause (viii), with effect from the 1st day of April, 1996, - (a) for the portion beginning with the words industrial or agricultural development in India and ending with the words such reserve account , the following shall be substituted, namely :- industrial or agricultural development or development of infrastructure facility in India or by a public company formed and registered in India with the main object of carrying on the business of providing long-term finance for construction or purchase of houses in India for residential purposes, an amount not exceeding forty per cent. of the profits derived from such business of providing long-term finance (computed under the head Profits and gains of business or profession before making any deduction under this section) carried to such reserve account : ; (b) in the Explanation, after clause (c), the following clause shall be inserted, namely :- (d) infrastructure facility shall have the meaning assigned to it in section 80-IA. .