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of <h1>Tax Board Clarifies Deduction Rules for Financial Corporations u/s 36(1)(viii) of Income-tax Act, 1961.</h1> Under section 36(1)(viii) of the Income-tax Act, 1961, financial corporations providing long-term finance for industrial or agricultural development in India can deduct amounts transferred to a special reserve account from their taxable profits, up to a specified percentage of their total income before Chapter VI-A deductions. Initially, it was decided that this percentage should be applied after the deduction under section 36(1)(viii). However, a later clarification suggested applying it before any deductions. The Board has reaffirmed the original decision, instructing that assessments be completed accordingly and any excessive deductions previously allowed be corrected.
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