Central Government hereby notify the following for the purposes of the sub-clause (f) of clause (iii) of sub-section (3) of section 194A - S.O. 3489 - Income Tax Act, 1961
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Notified entities designation under income-tax rules clarifies which government corporations, wholly government owned companies, and financed societies qualify. Notification identifies three classes of entities as notified for the purposes of sub-clause (f) of clause (iii) of sub-section (3) of the Income tax Act: corporations established by statute; companies wholly held by the Government or the Reserve Bank of India or a corporation owned by that Bank; and undertakings or bodies, including societies registered under the Societies Registration Act, wholly financed by the Government.
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Notified entities designation under income-tax rules clarifies which government corporations, wholly government owned companies, and financed societies qualify.
Notification identifies three classes of entities as notified for the purposes of sub-clause (f) of clause (iii) of sub-section (3) of the Income tax Act: corporations established by statute; companies wholly held by the Government or the Reserve Bank of India or a corporation owned by that Bank; and undertakings or bodies, including societies registered under the Societies Registration Act, wholly financed by the Government.
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