MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 98/2021 - Income tax
Dated: 2nd September, 2021
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,-
1. “banking company” shall have the meaning assigned to it in clause (a) of section 45A of the Reserve Bank of India Act, 1934 (2 of 1934);
2 “scheduled bank” shall have the meaning assigned to it in clause (e) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934).
2. This notification shall come into force from the date of publication in the Official Gazette.
[Notification No. 98/2021/F. No. 370142/11/2021-TPL]
ANKIT JAIN, Under Secy. (Tax Policy and Legislation Division)