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of <h1>Income-tax Act's Section 36 amended: New deduction limits for Financial Corporations based on share capital size, Explanation removed.</h1> Section 36 of the Income-tax Act is amended, effective April 1, 1975, altering clause (viii) of sub-section (1). The amendment specifies that for a Financial Corporation or Joint Financial Corporation under the State Financial Corporations Act, 1951, or an institution deemed a Financial Corporation by the State Government, the allowable amount is up to forty percent. For other financial corporations, if the paid-up share capital is up to three crores, the limit is twenty-five percent, and if it exceeds three crores, the limit is ten percent. Additionally, the Explanation in this section is removed.
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