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of <h1>Credit Guarantee Corporation exempt from income tax and surtax for 7 years under Finance Act, 1973.</h1> The Credit Guarantee Corporation of India Limited is exempt from paying income tax and surtax for a specific period, as per the Finance Act, 1973. This exemption applies notwithstanding the provisions of the Income-tax Act and the Companies (Profits) Surtax Act, 1964. The exemption covers the income, profits, or gains for the previous year related to the assessment year starting on April 1, 1972, and extends to the subsequent seven years. This period was initially set for four years, then extended to six years, and finally to seven years through amendments in 1977 and 1979.
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