Lawgist30Income-tax
1[30. Income-tax--2[(1)] Notwithstanding anything contained in the Indian Income-tax Act, 1961 (43 of 1961), the Corporation shall not be liable to pay any tax under that Act on any of its incoming profits or gains for the accounting year during which the Corporation is established and for 3[fourteen accounting years following that year.]
4[(2) Notwithstanding anything contained in the Income-tax Act, 1961 (43 of 1961), the Corporation shall not be liable to pay any tax under that Act on any of its income, profits or gains for the period commencing from the first day of January, 1977, and ending with the commencement of the accounting year during which Chapter II of the Deposit Insurance Corporation (Amendment and Miscellaneous Provisions) Act, 1978 (21 of 1978), comes into force and for four accounting years following that years.]
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1. Subs. by Act 20 of 1967, s. 44, for section 30 (w.e.f. 1-4-1967).
2. Section 30 re-numbered as sub-section (1) thereof by Act 21 of 1978, s. 8 (w.e.f. 15-7-1978).
3. Subs. by Act 32 of 1971, s. 53, for "nine accounting years" (w.e.f. 1-4-1971).
4. Ins. by Act 21 of 1978, s. 8 (w.e.f. 15-7-1978).
- 22 Funds of Corporation
- 23 Deposit Insurance Fund
- 23A Credit Guarantee Fund
- 24 General Fund
- 25 Investment
- 25A Amount in one fund may be transferred to the other fund or may be utilised for other purposes
- 26 Advances by Reserve Bank
- 27 Advances from General Fund to the Deposit Insurance Fund or Credit Guarantee Fund
- 28 Preparation of balance-sheet, etc., by corporation
- 29 Audit
- 30 Income-tax
- 31 Reserve Fund
- 32 Annual accounts and reports
