Section 50 - Amendment of section 193 - Finance (No. 2) Act, 1991

50. Amendment of section 193. In section 193 of the Income-tax Act, with effect from the 1st day of October, 1991,- (a) for the words Provided that , the following shall be substituted, namely:- Provided that where, in the case of a scheduled bank, the Central Government is satisfied that the total income of the bank justifies deduction of income-tax at a lower rate, it may, by notification in the Official Gazette, specify the rate at which deduction of income-tax shall be made in the case of such bank under this section and such notification shall, at any one time, have effect for such assessment year or years, not exceeding three assessment years, as may be specified in the notification: Provided further that ; (b) the existing Explanation shall be renumbered as Explanation 1 and after Explanation 1 as so renumbered, the following Explanation shall be inserted, namely: Explanation 2.-For the purposes of this section, the expression scheduled bank shall have the meaning assigned to it in clause (ii) of the Explanation to clause (viia) of sub-section (1) of section 36. .