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<h1>Income-tax Act Section 36 Amended: Includes 'Scheduled Bank,' Revises Long-term Finance Provisions, Omits Clause (xvi)</h1> Section 36 of the Income-tax Act was amended by the Finance (No. 2) Act, 2009. In sub-section (1), clause (iiia) was modified to include 'or scheduled bank' after 'public sector company.' Clause (viii) saw a revision in its Explanation, replacing sub-clause (i) with a new provision effective from April 1, 2010, detailing long-term finance for industrial, agricultural, infrastructure, or housing development in India. Additionally, clause (xvi) was omitted.