14 May 2008
Whether interest paid to PNB Housing Finance Ltd. is covered under the provisions of Section 194A?. Also whether the exceptions mentioned in Subsection3(iii) applies to PNB Housing Finance Ltd. since it is a wholly owned subsidiary of Punjab National Bank.
15 May 2008
Where such interest is paid to certain specified persons. Any Banking company to which the Banking Regulation Act' 1949, applies, or any co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank);
Any financial corporation established by or under a Central, State or Provincial Act;
The Life Insurance Corporation of India established under the Life Insurance Corporation Act' 1956;
The Unit Trust of India established under the Unit Trust of India Act' 1963;
Any company or co-operative society carrying on the business of insurance;
Any other institution, association or body or class of institutions, associations or bodies which the Central Government notify in this behalf in the Official Gazette;
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