Financial corporation definition expanded to include public and government companies, broadening eligible entities under income-tax provisions. Amendment to section 36(1)(viii) substitutes the Explanation so that "financial corporation" includes a public company and a Government company, and ... Summary
Financial corporation definition expanded to include public and government companies, broadening eligible entities under income-tax provisions.
Amendment to section 36(1)(viii) substitutes the Explanation so that "financial corporation" includes a public company and a Government company, and provides that the meanings of "public company" and "Government company" shall be those assigned in the Companies Act, 1956; the substitution is deemed effective from the specified operative date for income-tax purposes.
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