Clause 14 - Amendment of section 36. - Finance (No. 2) Bill, 2009

Amendment of section 36. 14. In section 36 of the Income-tax Act, in sub-section (1),— (a) in clause (iiia), in the Explanation, in clause (i), after the words "public sector company", at both the places where they occur, the words "or scheduled bank" shall be inserted; (b) in clause (viii), in the Explanation, in clause (b), for sub-clause (i), the following sub-clause shall be substituted with effect from the 1st day of April, 2010, namely:— "(i) in respect of the specified entity referred to in sub-clause (i) or sub-clause (ii) or sub-clause (iii) or sub-clause (iv) of clause (a), the business of providing long-term finance for- (A) industrial or agricultural development; (B) development of infrastructure facility in India; or (C) development of housing in India;"; (c) clause (xvi) shall be omitted.