CBDT exempts income of National Biodiversity Authority u/s 10(46) from FY 2022-2023 to 2025-2026
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 58/2022
New Delhi, the 31st May, 2022
S.O. 2501(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, ‘National Biodiversity Authority’ (PAN AAALN0331K), an Authority established under the Biological Diversity Act, 2002 (18 of 2003), in respect of the following specified income arising to that Authority, namely:—
(a) amount received in the form of grant-in-aid from the Government of India;
(b) benefit sharing fee and royalty received;
(c) amount received in the form of application fees; and
(d) interest earned on (a) to (c) above.
2. This notification shall be effective subject to the conditions that National Biodiversity Authority, Chennai:-—
(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 deemed to have been applied for the financial year2021-2022 andshall be applicable with respect to the financialyears2022-2023, 2023-2024,2024-2025and 2025-2026.
[F. No. 300196/12/2021-ITA-I]
SOURABH JAIN, Under Secy.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
- AO not justified in rejecting registered valuer’s report without reference to DVO – ITAT
- FCRA specifies list of 105 purposes to be selected for which registration is applied
- Withholding tax u/s 40(a)(i) not required on cost-to-cost reimbursement made to parent company
- Temporarily blocking public access to Telegram App not disproportionate – Delhi High Court
- High Court explains the meaning of term ‘enterprise’ appearing in section 80IA
){kind=link}