Exemption in respect of income of National Financial Holdings Company Ltd.
[Section 10(49)]
(i) The Specified Undertaking of Unit Trust of India (SUUTI) was created vide the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 as the successor of Unit Trust of India (UTI). It was eligible for exemption from income-tax in respect of its income up to 31st March, 2014.
(ii) Consequent to winding up of SUUTI and its succession by a new company wholly owned by the Central Government i.e., National Financial Holdings Company Limited (NFHCL), which has been incorporated on 7th June, 2012, a new clause (49) has been inserted in section 10 to exempt the income accruing or arising to NFHCL on or before 31.03.2014 or the income received by NFHCL on or before the said date. Such exemption would be available for A.Y.2013-14 and A.Y.2014-15.
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