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of <h1>Finance Act 2006: Amends Income-tax Act Section 2, Updates Clause (24), Adds Clauses (26A) & (26B), Removes Clause (48) Explanation.</h1> The Finance Act, 2006, amends section 2 of the Income-tax Act. Changes include modifications to clause (24), adding educational and hospital institutions to the tax provisions, and updating definitions of infrastructure capital companies and funds. Clause (24) now includes profits from banking activities by cooperative societies. New clauses (26A) and (26B) define infrastructure capital companies and funds involved in specific projects like housing, hotels, and hospitals. Clause (37A) is updated to include agreements under sections 90 and 90A. The explanation in clause (48) is removed, effective from specified dates.
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