Specified bank designation requires Central Government notification, with the newer definition confined to tax deduction and collection mechanisms.

Specified bank means a banking company specifically designated by the Central Government through notification. Under the Income-tax Act, 2025, the definition applies only to tax deduction at source and tax collection at source. Under the Income-tax Act, 1961 provision concerning specified banks, designation requires notification by the Central Government in the Official Gazette. Status depends on governmental notification rather than a banking company's general character alone.

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