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of <h1>Finance Act, 1992: Amends Interest-tax Act, 1974, redefining banking entities and adding residuary non-banking company definition.</h1> The Finance Act, 1992, amends section 2 of the Interest-tax Act, 1974, effective April 1, 1993. In clause (5A), it removes the phrase excluding co-operative societies providing credit to farmers or village artisans from the definition of entities engaged in banking. In clause (5B), the amendment omits the word 'or' at the end of sub-clause (v) and introduces a new sub-clause (va). This new sub-clause defines a residuary non-banking company, excluding certain financial companies, as one that receives deposits through various schemes or arrangements.
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