Section 42 - Housing and Urban Development Corporation Ltd. to be exempted for a certain period from Liability to pay income-tax and surtax - Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986

CHAPTER V MISCELLANEOUS 42. Housing and Urban Development Corporation Ltd. to be exempted for a certain period from Liability to pay income-tax and surtax. Notwithstanding anything contained in the Income-tax Act, 1961 (43 of 1961) or the Companies (Profits) Surtax Act, 1964 (7 of 1964), the Housing and Urban Development Corporation Ltd. (a Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956)) shall not be liable to pay any, tax- (a) on its income for the previous year relevant to the assessment year commencing on the 1st day of April, 1986 and for the four previous years next following that previous year; and (b) on chargeable profits for the previous years relevant to the assessment years commencing on the 1st day of April, 1986 and the 1st day of April, 1987. C. RAMAN MENON, Additional Secy. to the Govt. of India.