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of <h1>Amendment to Section 193: Central Government Can Lower Tax Rates for Scheduled Banks Based on Total Income.</h1> Section 193 of the Income-tax Act was amended by the Finance (No. 2) Act, 1991, effective October 1, 1991. The amendment allows the Central Government to specify a lower rate of income-tax deduction for scheduled banks if justified by the bank's total income. This rate can be specified by notification in the Official Gazette and apply for up to three assessment years. Additionally, a new Explanation 2 was added, defining 'scheduled bank' as per clause (ii) of the Explanation to clause (viia) of subsection (1) of section 36.
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