Examples of Second Schedule in a sentence
Bank Guarantee for Bid Security (EMD) or Performance Guarantee (Security Deposit) should be irrevocable and operative Bank Guarantee (BG) as per format enclosed in the Bid Document and should be issued by a Scheduled Commercial (i.e. Indian or Foreign Banks included in the Second Schedule of Reserve Bank of India Act, 1934 excluding Co-operative banks or Regional Rural Banks).
Section 48A and the Second Schedule were inserted by the Limitation Act Amendment Act 1954 s.
BGs less than Rs. 1 cr may be accepted from any scheduled bank (including nationalized banks, other scheduled commercial banks, scheduled cooperative banks and scheduled regional rural banks) as appearing in the Second Schedule to the RBI Act 1934.
Withholding Tax Under the provision of Clauses 47(B) of Part 4 of the Second Schedule to the Income Tax Ordinance, 2001, the CIS's income namely, dividend, profit on government securities, returns on deposits/ certificates of investment with banks/financial institutions, profits from money market placements, profit from Profit and Loss sharing accounts with Banks of the CIS will not be subject to any withholding tax until and unless we receive certificate of tax exemption from each exempted entity.
The Fund is also exempt from the provisions of section 113 (minimum tax) under clause 11A of Part IV of the Second Schedule to the Income Tax Ordinance, 2001.