Approval under section 36(1)(viii) requires audited filings, creation of special reserve and fulfilment of statutory housing finance conditions. Approval is granted to Cent Bank Home Finance Ltd., Bhopal, under the Income-tax Act for specified assessment years to enable deduction claims for housing finance companies, subject to conditions: the company's principal object must be providing long-term finance for residential housing; annual submission of audited profit and loss account, balance-sheet and statement of deduction before the return filing due date; creation and maintenance of the required special reserve; and fulfillment of all other statutory prerequisites.
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Approval under section 36(1)(viii) requires audited filings, creation of special reserve and fulfilment of statutory housing finance conditions.
Approval is granted to Cent Bank Home Finance Ltd., Bhopal, under the Income-tax Act for specified assessment years to enable deduction claims for housing finance companies, subject to conditions: the company's principal object must be providing long-term finance for residential housing; annual submission of audited profit and loss account, balance-sheet and statement of deduction before the return filing due date; creation and maintenance of the required special reserve; and fulfillment of all other statutory prerequisites.
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