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of <h1>Amendment to Income-tax Act: Section 36(1)(viii) clarifies reserve account deductions for financial corporations from April 1966.</h1> In the Finance Act of 1970, an amendment to Section 36 of the Income-tax Act was made, specifically in clause (viii) of sub-section (1). An explanation was added, effective from April 1, 1966, clarifying that for financial corporations under sub-clause (a), if the reserve account amount in the prior year's accounts is less than 25% of total income, and the subsequent year's reserve exceeds the deductible amount for the 1967 assessment year, the excess is considered transferred to the previous year's reserve for deduction purposes.
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