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of <h1>Finance Act 2002 amends Income-tax Act's Section 36, increasing deduction limits for certain financial entities from 2003-2005.</h1> Section 36 of the Income-tax Act was amended by the Finance Act, 2002, effective April 1, 2003. The amendment increased the allowable deduction percentage in sub-clause (a) from 'not exceeding five per cent' to 'not exceeding seven and one-half per cent.' Additionally, for assessment years starting April 1, 2003, and ending before April 1, 2005, the deduction was further increased to 'ten per cent.' In sub-clause (c), public financial institutions and similar entities could opt for a deduction up to ten per cent for provisions on assets classified as doubtful or loss assets by the Reserve Bank of India.
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