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of <h1>Finance Act 1999: Amendments to Income-tax Act Section 36, Clauses Updated for Bank Deductions and Y2K Compliance.</h1> The Finance Act, 1999 amends Section 36 of the Income-tax Act effective April 1, 2000. Clause (iia) is omitted, and clause (viia) allows banks to deduct provisions for doubtful or loss assets up to five percent, applicable for five assessment years starting April 1, 2000. Clause (viii) sees the omission of the first proviso and modification of the second. A new clause (xi) permits deductions for expenses incurred to make non-Y2K compliant computer systems compliant, provided the claim is certified by an accountant. Definitions for 'computer system' and 'Y2K compliant computer system' are included.
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