LawgistThe Reserve Bank of India Act
48Exemption of Banks from income-tax and super-tax
(1) Notwithstanding anything contained in 1[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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1. . Subs. by Act 24 of 1978, s. 9, for "Indian Income-tax Act, 1922" (w.e.f. 21-7-1978).
2. The proviso omitted by Act 62 of 1948, s. 7 and the Schedule (w.e.f. 1-1-1949).
3. Sub-section (2) omitted by s. 7 and the Schedule, ibid. (w.e.f. 1-1-1949).
GENERAL PROVISIONS
- 46 Contribution by Central Government to the Reserve Fund
- 46A Contribution to National Rural Credit (Long Term Operations) Fund and Nation al Rural Credit (Stabilisation) Fund
- 46C National Industrial Credit (Long Term Operations) Fund
- 46D National Housing Credit (Long Term Operations) Fund
- 47 Allocation of surplus profits
- 48 Exemption of Banks from income-tax and super-tax
- 49 Publication of Bank rate
- 50 Auditors
- 51 Appointment of special auditors by Government
- 52 Powers and duties of auditors
- 53 Returns
- 54 Rural Credit and Development
- 54A Delegation of powers
- 54AA Power of Bank to depute its employees to other institutions
- 55 [Omitted.]
- 56 [Omitted.]
- 57 Liquidation of the Bank
- 58 Power of the Central Board to make regulations
- 58A Protection of action taken in good faith
