Section 48
Exemption of Banks from income-tax and super-tax.
The Reserve Bank of India Act, 1934
About this Act
An Act to Constitute a Reserve Bank of India.
(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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Notes
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).
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).