Lawgist43Provisions relating to income-tax and super-tax
For the purposes of the 1[Income-tax Act, 1961(43 of 1961)], the Financial Corporation shall be deemed to be a company within the meaning of that Act and shall be liable to income-tax and super-tax accordingly on its income, profits and gains:
Provided that any sum paid by the State Government under the guarantee given in pursuance of2*** 3[section 7 or section 8] shall not be treated as the income, profits and gains of the Financial Corporation and any interest on debentures, 4[bonds or deposits] paid by the Financial Corporation out of such sum shall not be treated as expenditure incurred by it:
Provided further that in the case of any shareholder such portion of a dividend as has been paid out of any such sum advanced by the State Government shall be deemed to be 5[his] income from "interest on securities" 6[and the income-tax shall be payable thereon as if it were the interest receivable on any security of a State Government issued income-tax free] within the meaning of section 8 of that Act.
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1. Subs. by Act 43 of 1985, s. 26, for "Indian Income-tax Act, 1922 (11 of 1922)" (w.e.f. 21-8-1985).
2. The words and figure "section 6 or" omitted by Act 39 of 2000, s. 31 (w.e.f. 5-9-2000).
3. Subs. by Act 6 of 1962, s. 22, for certain words (w.e.f. 16-4-1962).
4. Subs. by s. 22, ibid., for "or bonds" (w.e.f. 16-4-1962).
5. Subs. by Act 48 of 1952, s. 3 and second Schedule, for "its" (w.e.f. 2-8-1952).
6. Subs. by Act 6 of 1962, s. 22, for "Declared to be income-tax free" (w.e.f. 16-4-1962).
- 39 Power to give instructions to Financial Corporation on questions of policy
- 40 Declaration of fidelity and secrecy
- 41 Indemnity of directors
- 41A Protection of action taken by persons appointed under section 27 or section 32A
- 41B Nomination in respect of deposits, bonds, etc
- 42 Offences
- 43 Provisions relating to income-tax and super-tax
- 43A Delegation of powers
- 43B Reports to the Board
- 44 Act 18 of 1891 to apply to the books of the Financial Corporation
- 45 Liquidation of Financial Corporation
- 46 Power to apply Act to certain financial institutions in existence at commencement of Act
- 46A Extension of jurisdiction of the Financial Corporation to other States by agreement
- 46B Effect of Act on other laws
- 47 Omitted
- 48 Power of Board to make regulations
- 48A Laying of rules and regulations before State Legislature
- 48B Power to make rules
- 49 Power to remove difficulty
