Deduction for interest on deposits.

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Full Text of the Document

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....d a deduction from the gross total income, subject to conditions specified in sub-section (2), where it includes income by way of interest on deposits with-- (i) a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act); or (ii) a co-operative society engaged in carrying on the business of....