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of <h1>Finance Act 1966 Amends Income-tax Act: Section 36(1)(viii) Changes Reserve Account Limits for Financial Corporations</h1> Section 36 of the Income-tax Act has been amended by the Finance Act, 1966. In sub-section (1), clause (viii), the provision regarding the reserve account has been modified. For financial corporations with paid-up share capital not exceeding three crores of rupees, the allowable amount carried to the reserve account is increased to twenty-five percent of the total income. For other financial corporations, the limit remains at ten percent of the total income carried to the reserve account.
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