India - Income Tax Act 2010 - Saarc

S. 36 I.T. ACT, 1961 1.244(viiia) 48 [* * *](c) “banking company” means a company to which the BankingRegulation Act, 1949 (10 of 1949) applies and includes any bankor banking institution referred to in section 51 of that Act;(d) “co-operative bank”, “primary agricultural credit society” and“primary co-operative agricultural and rural development bank”shall have the meanings respectively assigned to them in theExplanation to sub-section (4) of section 80P;(e) “housing finance company” means a public company formed orregistered in India with the main object of carrying on thebusiness of providing long-term finance for construction orpurchase of houses in India for residential purposes;(f) 45 “public company” shall have the meaning assigned to it insection 3 of the Companies Act, 1956 (1 of 1956);(g) “infrastructure facility” means—(i) an infrastructure facility as defined in the Explanation toclause (i) of sub-section (4) of section 80-IA, or any otherpublic facility of a similar nature as may be notified 46 by theBoard in this behalf in the Official Gazette and which fulfilsthe conditions as may be prescribed 47 ;(ii) an undertaking referred to in clause (ii) or clause (iii) orclause (iv) or clause (vi) of sub-section (4) of section 80-IA; and(iii) an undertaking referred to in sub-section (10) of section80-IB;(h) “long-term finance” means any loan or advance where the termsunder which moneys are loaned or advanced provide for repaymentalong with interest thereof during a period of not less thanfive years;]49[(ix) any expenditure bona fide incurred by a company for the purpose ofpromoting family planning amongst its employees :Provided that where such expenditure or any part thereof is of acapital nature, one-fifth of such expenditure shall be deducted for theprevious year in which it was incurred; and the balance thereof shallbe deducted in equal instalments for each of the four immediatelysucceeding previous years :Provided further that the provisions of sub-section (2) of section 32and of sub-section (2) of section 72 shall apply in relation to deduc-45. For definition of “public company”, see Appendix.46. For notified infrastructure facilities, see Taxmann’s Master Guide to Income-tax Act.47. See rule 6ABAA.48. Omitted by the Finance Act, 1994, w.e.f. 1-4-1995. Prior to its omission, clause (viiia) wasinserted by the Finance Act, 1982, w.e.f. 1-4-1983 and later on amended by the Finance Act,1985, w.e.f. 1-4-1985.49. Inserted by the Finance Act, 1965, w.e.f. 1-4-1965.