Tax exemption for Agricultural Refinance and Development Corporation: income and surtax relieved for specified assessment years. The amendment inserts section 42A into the Agricultural Refinance and Development Corporation Act, 1963, providing that, notwithstanding the Income-tax Act, 1961, and the Companies (Profits) Surtax Act, 1964, the Corporation shall not be liable for income-tax or surtax on its income, profits or gains for the previous year relevant to the assessment year commencing on 1 April 1979 and for the four previous years next following that previous year.
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Tax exemption for Agricultural Refinance and Development Corporation: income and surtax relieved for specified assessment years.
The amendment inserts section 42A into the Agricultural Refinance and Development Corporation Act, 1963, providing that, notwithstanding the Income-tax Act, 1961, and the Companies (Profits) Surtax Act, 1964, the Corporation shall not be liable for income-tax or surtax on its income, profits or gains for the previous year relevant to the assessment year commencing on 1 April 1979 and for the four previous years next following that previous year.
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