ITO Section 100A | Special provisions relating to banking business.

Text of ITO Section 100A

Special provisions relating to banking business. 

(1) Subject to sub-section (2), the income, profits, and gains of any banking company as defined in clause (7) of section 2 and the tax payable thereon shall be computed in accordance with the rules in the Seventh Schedule.

(2) Sub-section (1) shall apply to the profits and gains of the banking companies relevant to tax year 2009 and onwards.

(3) Notwithstanding anything contained in sub-section (1), income, profits, and gains and tax payable thereon shall be computed subject to the limitations and provisions contained in Chapters VII and VIII.

 

Explanation of ITO Section 100A

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