# 48 Exemption of Banks from income-tax and super-tax
(1) Notwithstanding anything contained in 1[the Income-tax Act, 1961 (43 of 1961)] or any other enactment for the time being in force relating to income-tax or super-tax, the bank shall not be liable to pay income-tax or super-tax on any of its income, profits or gains.
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1. . Subs. by Act 24 of 1978, s. 9, for "Indian Income-tax Act, 1922" (w.e.f. 21-7-1978).
2. The proviso omitted by Act 62 of 1948, s. 7 and the Schedule (w.e.f. 1-1-1949).
3. Sub-section <i>(2)</i> omitted by s. 7 and the Schedule, ibid. (w.e.f. 1-1-1949).
GENERAL PROVISIONS
46A
Contribution to National Rural Credit (Long Term Operations) Fund and Nation al Rural Credit (Stabilisation) Fund46C
National Industrial Credit (Long Term Operations) Fund46D
National Housing Credit (Long Term Operations) Fund47
Allocation of surplus profits49
Publication of Bank rate50
Auditors51
Appointment of special auditors by Government
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