https://www.taxtmi.com/circulars?id=4470 Nationalised banks are regarded as banking companies for Income-tax Act purposes because the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 treats corresponding new banks as Indian companies and the Banking Regulation Act, 1949 has been made applicable to them; accordingly, interest on deposits with nationalised banks qualifies for inclusion within the statutory exemption category under the relevant provision, subject to its limits and conditions. en-us Wed, 25 Aug 1971 00:00:00 +0530 Sat, 09 Aug 2008 12:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4470 Nationalised banks are regarded as banking companies for Income-tax Act purposes because the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 treats corresponding new banks as Indian companies and the Banking Regulation Act, 1949 has been made applicable to them; accordingly, interest on deposits with nationalised banks qualifies for inclusion within the statutory exemption category under the relevant provision, subject to its limits and conditions. Circulars Income Tax Wed, 25 Aug 1971 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4470