Section 44 - Amendment of Act 47 of 1961 - Finance (No. 2) Act, 1967

44. Amendment of Act 47 of 1961 In the Deposit Insurance Corporation Act, 1961, for section 30, the following section shall be substituted, namely :- 30. Income-tax. - 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 accounting year during which the Corporation is established and for nine accounting years following that year. .