Tax scope extension to co-operative banking societies treats advances to them as advances to credit institutions. Amendment expands the Interest-tax Act so that advances to co-operative societies engaged in banking are treated as advances to other credit institutions ... Summary
Tax scope extension to co-operative banking societies treats advances to them as advances to credit institutions.
Amendment expands the Interest-tax Act so that advances to co-operative societies engaged in banking are treated as advances to other credit institutions by inserting the phrase "or to any co-operative society engaged in carrying on the business of banking" into section 5, effective from the 1st day of October, 1991.
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