Section 5 - Amendment of Section 36 - Finance Act, 1974

5. Amendment of Section 36 In section 36 of the Income-tax Act, in clause (viii) of sub-section (1), with effect from the 1st day of April, 1975, - (a) for the portion beginning with the words an amount not exceeding - and ending with the words ten per cent., , the following shall be substituted, namely :- an amount not exceeding, - (a) in the case of a Financial Corporation or a Joint Financial Corporation established under the State Financial Corporations Act, 1951 (63 of 1951), or an institution deemed under section 46 of that Act to be a Financial Corporation established by the State Government for the State within the meaning of that Act, forty per cent., (b) in the case of any other financial corporation, - (i) where the paid-up share capital of the corporation does not exceed three crores of rupees, twenty-five per cent., (ii) where the paid-up share capital of the corporation exceeds three crores of rupees, ten per cent., ; (b) the Explanation shall be omitted.