Banking schedule introduced through Finance Bill 2007-08

An amendment has been proposed in the Finance Bill 2007-2008 for applicability of 'special schedule' for income tax assessment of banks from 'tax year' 2009.
According to sources, special banking schedule was introduced through Finance Bill 2007-2008 for income tax assessment of banks. An 'amendment notice' has been received in the National Assembly for amendment in the Finance Bill proposing deferment of the applicability of special schedule for income tax assessment of banks till the 'tax year 2009'.
Previously, the seventh schedule was introduced in budget to be made effective from tax year 2008. Now, it has been proposed that the new schedule should be made applicable from 'tax year' 2009.