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of <h1>Housing and Urban Development Finance Corp. granted tax exemption for 14 years under Finance (No. 2) Act, 1980.</h1> Housing and Urban Development Finance Corporation Private Ltd., classified as a government company under the Companies Act, 1956, is granted an exemption from paying income-tax and surtax for a specified period. This exemption applies to the assessment year starting April 1, 1971, and extends for the subsequent fourteen years. This provision overrides any conflicting requirements in the Income-tax Act and the Companies (Profits) Surtax Act, 1964. The exemption period was extended from nine to fourteen years by an amendment in the Finance (No. 2) Act, 1980.
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