Exemption to Government Companies u/s 129(6) of the Companies Act, 2013

Exemption to Government Companies u/s 129(6) of the Companies Act, 2013

Central Government vide its Notification dated 05.02.2018 hereby directs that the provisions of Accounting Standard 22 or Indian Accounting Standard 12 relating to deferred tax asset or deferred tax liability shall not apply, for seven years with effect from the 1st April, 2017 to a Government company which:—

(a) is a public financial institution under sub-clause (iv) of clause (72) of section 2 of the Companies Act, 2013;

(b) is a Non-Banking Financial Company registered with the Reserve Bank of India under section 45-IA of the Reserve bank of India Act, 1934; and

(c) is engaged in the business of infrastructure finance leasing with not less than seventy five per cent. of its total revenue being generated from such business with Government companies or other entities owned or controlled by Government .

Click here to view the MCA Notification dated 05.02.2018