Clause 13 - Amendment of section 44DB. - Finance Bill, 2021

Amendment of section 44DB. 13. In section 44DB of the Income-tax Act, (a) in sub-section (3), after the words successor co-operative bank , the words or to the converted banking company shall be inserted; (b) in sub-section (4), after the words a successor co-operative bank , and the words the successor co-operative bank the words or to a converted banking company and the words or to the converted banking company shall, respectively, be inserted; (c) in sub-section (5), (i) after clause (c), the following clause shall be inserted, namely: (ca) banking company shall have the meaning assigned to it in clause (c) of section 5 of Banking Regulation Act, 1949 (10 of 1949); ;. (ii) in clause (d), after the words a co-operative bank , the words or conversion of a primary co-operative bank shall be inserted; (iii) after clause (d), the following clauses shall be inserted, namely: (da) conversion means transition of a primary co-operative bank to a banking company under the scheme of the Reserve Bank of India as notified vide its circular number DCBR. CO. LS. PCB. Cir. No. 5/07.01.000/2018-19, dated the 27th September, 2018; (db) converted banking company means a banking company formed as a result of conversion from primary co-operative bank; .; (iv) in clause (h), after the words the demerged co-operative bank , the words or the primary co-operative bank which has been succeeded as a result of conversion shall be inserted; (v) after clause (h), the following clause shall be inserted, namely: (ha) primary co-operative bank shall have the meaning assigned to it in clause (ccv) of section 5 of the Banking Regulation Act, 1949 (10 of 1949); .