Deposit Insurance and Credit Guarantee Corporation Act ,1961

Act No : 47

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Section : Income-tax.

2*[30. Income-tax. 3*[(1)] 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 4*[fourteen accounting years] following that year.] --------------------------------------------------------------------- 1. Subs. and Ins. by Act 66 of 1988, s. 25 (w.e.f. 30-12-1988). 2. Subs. by Act 20 of 1967, s. 44, for s. 30 (w.e.f. 1-4-1967). 3. S. 30 re-numbered as sub-section (1) thereof by Act 21 of 1978, s. 8 (w.e.f. 15-7-1978). 4. Subs. by Act 32 of 1971, s. 53, for "nine accounting years" (w.e.f. 1-4-1971). 296 1*[(2) 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 period commencing from the first day of January, 1977, and ending with the commencement of the accounting year during which Chapter II of the Deposit Insurance Corporation (Amendment and Miscellaneous Provisions) Act, 1978 (21 of 1978), comes into force 2*[, for that accounting year and for eight accounting years following that year].]

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