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of <h1>Amendment to Section 36 of Income-tax Act Allows NBFCs 5% Deduction on Total Income, Effective April 2017.</h1> Section 36 of the Income-tax Act was amended by the Finance Act, 2016, with changes effective from April 1, 2017. The amendment added a new sub-clause (d) to sub-section (1), clause (viia), allowing non-banking financial companies to claim a deduction of up to five percent of total income, calculated before any deductions under this clause and Chapter VI-A. Additionally, the term 'non-banking financial company' was defined in the Explanation, referencing its meaning as assigned in clause (f) of section 45-I of the Reserve Bank of India Act, 1934.
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