CBDT exempts income of District Mineral Foundation Trust u/s 10(46)
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 86/2023
New Delhi, the 4th October, 2023
S.O. 4342(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, ‘District Mineral Foundation Trust’ as specified in the schedule to this notification, constituted by Government in exercise of powers conferred under section 9(B) of the Mines and Minerals (Development and Regulation) Amendment Act, 2015 (10 of 2015) as a ‘class of Authority’, in respect of the following specified income arising to that Authority, namely :-
(a) Contribution by lease Holder to DMF as per the Mines and Minerals (Contribution to District Mineral Foundation) Rules, 2015;
(b) Interest received from lease holders for late payment;
(c) Any Penalty charged to lease holder;
(d) Income from Interest on fund available under DMF;
(e) Interest received on Saving Bank Accounts; and
(f) Interest received on Excess Fund invested in Term Deposit.
2. This notification shall be effective subject to the conditions that each of the District Mineral Foundation
Trust-
(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 assessment year 2023-2024 relevant to financial year 2022-2023 and shall be applicable for assessment years 2024-2025 to 2027-2028 relevant to financial years 2023-2024 to 2026-2027 in respect of Trusts mentioned in column (2) of the below mentioned schedule.
Schedule
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