Specified bank status depends on Central Government notification for prescribed tax deduction and collection purposes under income-tax law. Specified bank means a banking company notified by the Central Government. The expression applies for TDS/TCS purposes under the Income-tax Act, 2025, and ... Summary
Specified bank status depends on Central Government notification for prescribed tax deduction and collection purposes under income-tax law.
Specified bank means a banking company notified by the Central Government. The expression applies for TDS/TCS purposes under the Income-tax Act, 2025, and is similarly used under the Income-tax Act, 1961 in relation to tax deduction by specified banks, with notification in the Official Gazette.
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