Tax exemption: Government company relieved from income-tax and surtax obligations for specified assessment years under statute.

The enactment exempts Housing and Urban Development Corporation Ltd. from liability under the Income-tax Act, 1961 and the Companies (Profits) Surtax Act, 1964: it relieves the company from income-tax on its income for the previous year relevant to the assessment year commencing on the first day of April, 1986 and the four previous years next following that previous year, and from surtax on chargeable profits for the previous years relevant to the assessment years commencing on the first day of April, 1986 and the first day of April, 1987.

---

---

---