Reserve Bank of India Act, 1934
48. Exemption of bank from income-tax and super-tax
(1) Notwithstanding anything contained in 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 income, profits or gains.