Reduced withholding for scheduled banks via government notification allowing lower tax deduction for specified assessment years. The amendment empowers the Central Government to notify, in the Official Gazette, a reduced rate of deduction of income-tax for scheduled banks where the bank's total income justifies lower deduction; such notification specifies the assessment year or years for which the rate applies and operates subject to the statutory temporal limit. It also inserts an Explanation defining 'scheduled bank' by reference to the Explanation to clause (viia) of sub section (1) of section 36.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Reduced withholding for scheduled banks via government notification allowing lower tax deduction for specified assessment years.
The amendment empowers the Central Government to notify, in the Official Gazette, a reduced rate of deduction of income-tax for scheduled banks where the bank's total income justifies lower deduction; such notification specifies the assessment year or years for which the rate applies and operates subject to the statutory temporal limit. It also inserts an Explanation defining "scheduled bank" by reference to the Explanation to clause (viia) of sub section (1) of section 36.
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