Section 48: Exemption of Banks from income-tax and super-tax.

The Reserve Bank of India Act, 1934Central Act · Act 2 of 1934

(1) Notwithstanding anything contained in [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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Where this provision sits

Act	The Reserve Bank of India Act, 1934
Section	48
Marginal note	Exemption of Banks from income-tax and super-tax.
Jurisdiction	Central
Status	In force as published by the source
Judgments citing it	1

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 24 of 1978. . . Subs. by Act 24 of 1978, s. 9, for "Indian Income-tax Act, 1922" (w.e.f. 21-7-1978).
omitted, Act 62 of 1948. . The proviso omitted by Act 62 of 1948, s. 7 and the Schedule (w.e.f. 1-1-1949).
omitted. . Sub-section (2) omitted by s. 7 and the Schedule, ibid. (w.e.f. 1-1-1949).

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