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Section 30: Income-tax.

The Deposit Insurance and Credit Guarantee Corporation Act, 1961Central Act · Act 47 of 1961

[30. Income-tax--[(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 [fourteen accounting years following that year.]

[(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.]

Where this provision sits

ActThe Deposit Insurance and Credit Guarantee Corporation Act, 1961
Section30
Marginal noteIncome-tax.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • substituted, Act 20 of 1967. . Subs. by Act 20 of 1967, s. 44, for section 30 (w.e.f. 1-4-1967).
  • renumbered, Act 21 of 1978. . Section 30 re-numbered as sub-section (1) thereof by Act 21 of 1978, s. 8 (w.e.f. 15-7-1978).
  • substituted, Act 32 of 1971. . Subs. by Act 32 of 1971, s. 53, for "nine accounting years" (w.e.f. 1-4-1971).
  • inserted, Act 21 of 1978. . Ins. by Act 21 of 1978, s. 8 (w.e.f. 15-7-1978).

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