In section 36 of the Income-tax Act, in sub-section (1), in clause (viii), with effect from the 1st day of April, 1996, -
(a) for the portion beginning with the words "industrial or agricultural development in India" and ending with the words "such reserve account", the following shall be substituted, namely :-
'industrial or agricultural development or development of infrastructure facility in India or by a public company formed and registered in India with the main object of carrying on the business of providing long-term finance for construction or purchase of houses in India for residential purposes, an amount not exceeding forty per cent. of the profits derived from such business of providing long-term finance (computed under the head "Profits and gains of business or profession" before making any deduction under this section) carried to such reserve account :';
(b) in the Explanation, after clause (c), the following clause shall be inserted, namely :-
'(d) "infrastructure facility" shall have the meaning assigned to it in section 80-IA.'.