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The Central Government notifies the meaning of a specified bank under section 194P of the Income-tax Act, 1961. A specified bank is a banking company that is a scheduled bank and acts as an agent of the Reserve Bank of India under section 45 of the Reserve Bank of India Act, 1934. The notification takes effect on the date of publication in the Official Gazette.
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2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 2nd September, 2021 (Income-tax)
S.O. 3595(E).––In exercise of the powers conferred by clause (a) of Explanation to section 194P of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies specified Bank to mean a banking company which is a scheduled bank and has been appointed as agents of Reserve Bank of India under section 45 of the Reserve Bank of India Act, 1934 (2 of 1934).
Explanation: For the purpose of this notification,––
[Notification No. 98/2021/F. No. 370142/11/2021-TPL] ANKIT JAIN, Under Secy. (Tax Policy and Legislation Division)
