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of <h1>Section 88 Amended: Recognizes Eligible Capital Issues by Public Financial Institutions for Infrastructure, Power, Telecom. Effective April 1998.</h1> Section 88 of the Income-tax Act is amended to include that subscriptions to any eligible issue of capital by a public financial institution are now recognized. The term 'eligible issue of capital' is defined as an issue by a public company or public financial institution in India, with proceeds used exclusively for infrastructure development, power generation and distribution, or telecommunication services. Additionally, the term 'public financial institution' is defined as per section 4A of the Companies Act, 1956. These changes are effective from April 1, 1998, as per the Finance Act, 1997.
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