1[30. Income-tax--2[(1)] Notwithstanding anything contained in the Indian Income-tax Act, 1961 (43 of 1961), the Corporation shall not be liable to pay any tax under that Act on any of its incoming profits or gains for the accounting year during which the Corporation is established and for 3[fourteen accounting years following that year.]
4[(2) Notwithstanding anything contained in the Income-tax Act, 1961 (43 of 1961), the Corporation shall not be liable to pay any tax under that Act on any of its income, profits or gains for the period commencing from the first day of January, 1977, and ending with the commencement of the accounting year during which Chapter II of the Deposit Insurance Corporation (Amendment and Miscellaneous Provisions) Act, 1978 (21 of 1978), comes into force and for four accounting years following that years.]
4[(2) Notwithstanding anything contained in the Income-tax Act, 1961 (43 of 1961), the Corporation shall not be liable to pay any tax under that Act on any of its income, profits or gains for the period commencing from the first day of January, 1977, and ending with the commencement of the accounting year during which Chapter II of the Deposit Insurance Corporation (Amendment and Miscellaneous Provisions) Act, 1978 (21 of 1978), comes into force and for four accounting years following that years.]
Source footnotes
1. Subs. by Act 20 of 1967, s. 44, for section 30 (w.e.f. 1-4-1967).2. Section 30 re-numbered as sub-section (1) thereof by Act 21 of 1978, s. 8 (w.e.f. 15-7-1978).
3. Subs. by Act 32 of 1971, s. 53, for "nine accounting years" (w.e.f. 1-4-1971).
4. Ins. by Act 21 of 1978, s. 8 (w.e.f. 15-7-1978).
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Section 1 · Short title, extent and commencement.Section 2 · Definition.Section 3 · Establishment and incorporation of Deposit Insurance Corporation.Section 4 · Capital of Corporation.Section 5 · Management of Corporation.Section 6 · Board of directors.Section 7 · Meetings of Board.Section 8 · Committees of Corporation.India Code, Government of India. Text fetched 22 Oct 2026. Source metadata reports last modification: 2019-11-29. Check the linked official text and subsequent notifications when applying a provision.