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of <h1>Amendment to Income-tax Act: New Definition for Mutual Benefit Finance Company in Section 2, Clause (18), Sub-clause (ac.</h1> In the Finance Act of 1985, an amendment was made to section 2 of the Income-tax Act. Specifically, a new sub-clause (ac) was added to clause (18), effective from April 1, 1984. This sub-clause defines a mutual benefit finance company as one primarily engaged in accepting deposits from its members and recognized by the Central Government under section 620A of the Companies Act, 1956, as a Nidhi or Mutual Benefit Society.
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