# The Finance Act, 2021, Section 15: Amendment of section 44DB

- Act: The Finance Act, 2021
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2021/section/15/

## Text

Amendment of section 44DB. 15. 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);'.

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