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of <h1>Amendments to Section 36: Changes in Deduction Clauses and Definition of Long-Term Finance in Income-tax Act</h1> Section 36 of the Income-tax Act has been amended by the Finance (No. 2) Act, 1996. In subsection (1), clause (viii), the phrase 'before making any deduction under this section' is replaced with 'before making any deduction under this clause.' In the second proviso, 'excluding the amounts capitalised from reserves' is replaced with 'and of the general reserves,' effective from April 1, 1997. Additionally, a new clause defines 'long-term finance' as loans or advances with a repayment period of at least five years, including interest.
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