Interest -tax Act:1974: Exemption to State co-operative banks interest-tax - 2214 - Income Tax

Interest -tax Act:1974: Exemption to State co-operative banks interest-tax Notification No. 2214 Dated 15/5/1976 In exercise of the powers conferred by section 28 of the Interest-tax Act, 1974 (45 of 1974), the Central Government, on the recommendation of the Reserve Bank of India, being of opinion that it is necessary or expedient so to do having regard to the peculiar circumstances of the case hereby exempts State co-operative banks included in the Second Schedule ot the Reserve Bank of India Act, 1934 (2 of 1934), from the levy of interest-tax in respect of their income from interest on the borrowings of the central co-operative banks which qualify for rebate under the scheme for the year 1974 and or the period beginning on the 1st day of April, 1975, and ending with the 30th day of June, 1975. Explanation.-In this notification, the expressions "Central co-operative bank "and " State co-operative bank" shall have the same meanings assigned to them in the Reserve Bank of India Act, 1934 (2 of 1934).