Deferred tax exemption for specified government companies: AS-22/Ind AS-12 not to apply where statutory eligibility met. The Central Government exempts specified Government companies from the application of Accounting Standard 22 or Indian Accounting Standard 12 on deferred tax asset and deferred tax liability, under sub-section (6) of Section 129 of the Companies Act, 2013; the exemption applies to government companies that are public financial institutions or RBI-registered NBFCs engaged in infrastructure finance leasing with the bulk of revenue derived from business with Government-owned or controlled entities.