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Home > About Us > New Generation Government owned Bank

New Generation Government owned Bank


Section 10 of Income Tax Act  (as amended by Finance Act 2009)

[(23D) 86 [87[ 88 [subject to the provisions of Chapter XII-E, any income of]]

       (i)  a Mutual Fund registered under the Securities and Exchange Board of India Act, 1992 (15 of 1992) or regulations made thereunder;

       (ii)  such other Mutual Fund set up by a public sector bank or a public financial institution or authorised by the Reserve Bank of India and subject to such conditions as the Central Government may, by notification 89 in the Official Gazette, specify in this behalf.]

Explanation.For the purposes of this clause,

      (a)  the expression public sector bank means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), a corres-ponding new Bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Under-takings) Act, 1970 (5 of 1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Under-takings) Act, 1980 (40 of 1980) 89a [and a bank included in the category other public sector banks by the Reserve Bank of India];

      (b)  the expression public financial institution shall have the meaning assigned to it in section 4A of the Companies Act, 1956 (1 of 1956)90;]

  91[(c)  the expression 92Securities and Exchange Board of India shall have the meaning assigned to it in clause (a) of sub-section (1) of section 2 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]

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