"25 August 1971" Archive

Circular No. 64-Income Tax dated 25-8-1971

Circular No. 64-Income Tax (25/08/1971)

Circular No. 64-Income Tax A question has been raised as to whether the nationalised banks would be regarded as banking companies under the provisions of section 80L(1)(vi). The relevant provision reads as follows: interest on deposits with a banking company to which the Banking Regulation Act, 1949, applies (including any bank or banki...

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