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of <h1>Income-tax Act Section 13 Amendment: Deposits Now Allowed in Nationalized Banks, Effective April 1, 1977.</h1> Section 13 of the Income-tax Act has been amended by the Finance Act, 1976. The amendment, effective from April 1, 1977, modifies sub-section (5) to replace clause (a) (iii). The new provision allows for deposits in accounts with the State Bank of India, its subsidiary banks, or any nationalized bank established under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. This change was directed by the Taxation Laws (Amendment) Act, 1975, to update the eligible banking institutions for such deposits.
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