The Reserve Bank of India Act, 1934
Section 48. Exemption of Banks from income-tax and super-tax.
(1) Notwithstanding anything contained in 1[the Income-tax Act, 1961 (43 of 1961)] or any other enactment for the time being in force relating to income-tax or super-tax, the bank shall not be liable to pay income-tax or super-tax on any of its income, profits or gains.
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