Exemptions provided to various Institutions by CBDT under various section of Income Tax Act, 1961

CBDT has recently provided exemption under Income tax Act, 1961 to various institutions/ entities by exercising powers conferred various sections of the said Act. List of Institutions/ entities which are exempted are as under:

Name of Institution / Entity

Notification No.

Exemption provided under which Section of the Income Tax Act, 1961?

Competition Commission of India

(PAN : AAAGC0012M)

Notification No. 72/2021 dt. 9th June 2021

Specified Income exempt u/s 10(46) subject to below mentioned conditions

Haryana Building and Other Construction Workers Welfare Board

( PAN : AAATH6995H)

Notification No. 78/2021 dt. 9th July 2021

Specified Income exempt u/s 10(46) subject to below mentioned conditions

M/s Patanjali Research Foundation Trust, Haridwar

(PAN : AABTP8183E)

Notification No. 79/2021 dt. 12th July 2021

Research Association for Scientific Research u/s 35(1)(ii)

Haryana Labour Welfare Board

(PAN : AAATH2451C)

Notification No. 80/2021 dt. 14th July 2021

Specified Income exempt u/s 10(46) subject to below mentioned conditions

Himachal Pradesh Computerization of Police Society

(PAN : AABAH0360G)

Notification No. 81/2021 dt. 14th July 2021

Specified Income exempt u/s 10(46) subject to below mentioned conditions

Conditions for availing exemption are as under:

(a) It shall not engage in any commercial activity; 

(b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and 

(c) It shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961. 

(d) It shall file the Audit report along with the Return, duly verified by the accountant as provided in explanation to section 288(2) of the Income-tax Act, 1961 along with a certificate from the chartered accountant that the above conditions are satisfied. 

NOTE: For meaning of specified income of each of the above entity, please refer to their respective notification.

Feel free to contact in case of any query or consultation.

 

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