Exclusion of Chapter VII tax rules for specified interbank transactions removes certain interbank dealings from the chapter's scope. Insertion of section 112A excludes specified interbank dealings from the scope of Chapter VII of the Finance Act, 2005. With effect from 1 June 2005, the ... Summary
Exclusion of Chapter VII tax rules for specified interbank transactions removes certain interbank dealings from the chapter's scope.
Insertion of section 112A excludes specified interbank dealings from the scope of Chapter VII of the Finance Act, 2005. With effect from 1 June 2005, the chapter's provisions shall not apply to taxable banking transactions entered into between a scheduled bank and a banking company or a co operative bank, or between a scheduled bank and another scheduled bank.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.