Section 11 - Amendment of section 36 - Finance Act, 1966

11. Amendment of section 36 In section 36 of the Income-tax Act, in sub-section (1), in clause (viii), for the words an amount not exceeding ten per cent. of the total income carried to such reserve account: , the following shall be substituted, namely:- an amount not exceeding- (a) in the case of a financial corporation whose paid-up share capital does not exceed three crores of rupees, twenty-five per cent., (b) in the case of any other financial corporation, ten per cent., of the total income carried to such reserve account: .