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of <h1>Interest on Deposits in Nationalised Banks Qualifies for Tax Exemption under Income-tax Act Section 80L(1)(vi.</h1> Nationalised banks are considered 'banking companies' under the Income-tax Act for the purpose of interest deduction on deposits, as per section 80L(1)(vi). This section allows interest on deposits with any bank, including those referred to in section 51 of the Banking Regulation Act, 1949, to qualify for tax exemption up to Rs. 3,000. The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, confirms nationalised banks as Indian companies, making section 51 applicable to them. Therefore, interest on deposits with nationalised banks is eligible for the specified tax exemption.
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