CBDT exempts income of Insolvency and Bankruptcy Board of India u/s 10(46)

CBDT exempts income of Insolvency and Bankruptcy Board of India u/s 10(46)

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

Notification No. 09/2023

New Delhi, the 1st March, 2023

S.O. 947(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Insolvency and Bankruptcy Board of India’, New Delhi (PAN AAAGI0193K), a Board established by the Central Government, in respect of the following specified income arising to that Board, namely:

(a) Grants-in-aid received from Central Government;

(b) Fees received under the Insolvency and Bankruptcy Code, 2016 (31 of 2016);

(c) Fines collected under the Insolvency and Bankruptcy Code, 2016 (31 of 2016); and(d)Interest income accrued on (a), (b) and (c) above.

2. This notification shall be effective subject to the conditions that Insolvency and Bankruptcy Board of India, New Delhi:-

(a) 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) 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.

3. This notification shall be applicable with respect to the financial years 2022-2023, 2023-2024, 2024-2025,2025-2026and 2026-2027.

[F.No.300196/39/2021-ITA-I]

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