Banking company definition varies across income-tax provisions, with distinct treatment for general, cash-transaction, and TDS/TCS purposes. Banking company under the Income-tax Act, 2025 generally covers a company subject to the Banking Regulation Act, 1949, including specified banks and ... Summary
Banking company definition varies across income-tax provisions, with distinct treatment for general, cash-transaction, and TDS/TCS purposes.
Banking company under the Income-tax Act, 2025 generally covers a company subject to the Banking Regulation Act, 1949, including specified banks and banking institutions. One provision adopts the meaning in the Banking Regulation Act, while the TDS and TCS definition applies to a banking company governed by that Act. The Income-tax Act, 1961 applies the wider definition to cash-loan and deposit-repayment provisions.
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