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The Reserve Bank of India Act, 1934

Chapter IV — GENERAL PROVISIONS

Section 48Exemption of Banks from income-tax and super-tax

Read in the full Act
Section 48: Exemption of Banks from income-tax and super-tax

48. Exemption of Banks from income-tax and super-tax

(1)

Notwithstanding anything contained in [the Income-tax Act, 1961 (43 of 1961)] or any other enactment for the time being in force relating to income-tax or super-tax, the bank shall not be liable to pay income-tax or super-tax on any of its income, profits or gains.

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Amendment notes (3)
  1. Subs w.e.f. 21-7-1978 . . Subs. by Act 24 of 1978, s. 9, for "Indian Income-tax Act, 1922" (w.e.f. 21-7-1978).
  2. omitted w.e.f. 1-1-1949 . The proviso omitted by Act 62 of 1948, s. 7 and the Schedule (w.e.f. 1-1-1949).
  3. omitted w.e.f. 1-1-1949 . Sub-section (2) omitted by s. 7 and the Schedule, ibid. (w.e.f. 1-1-1949).