Interest-tax Act, 1974: Exemption to State Co-operative Banks - 0833(E) - Income Tax

Interest-tax Act, 1974: Exemption to State Co-operative Banks Notification Number: 0833(E) Dated 01/10/1980 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 and expedient so to do in the public interest, hereby exempts the State Co-operative Banks included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934), from the levy of interest-tax accruing or arising after the 30th day of June, 1980. Explanation:--In this notification, the expression "State Co-operative Bank" shall have the same meaning assigned to it in clause (f) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934). File Number: 5/FB/80-TPL