Deductibility of contributions by public financial institutions towards specified funds clarified with contributor definition provided. The amendment adds clause (x) to section 36(1) providing that any sum paid by a public financial institution by way of contribution towards any fund ... Summary
Deductibility of contributions by public financial institutions towards specified funds clarified with contributor definition provided.
The amendment adds clause (x) to section 36(1) providing that any sum paid by a public financial institution by way of contribution towards any fund specified under clause (23E) of section 10 shall be included under section 36(1). An Explanation states that "public financial institution" has the meaning assigned to it in section 4A of the Companies Act, 1956.
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