THE RESERVE BANK OF INDIA ACT, 1934 · GENERAL PROVISIONS
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.