Kerala Cooperative Development & Welfare Fund Board notified for Income Tax exemption

Kerala Cooperative Development & Welfare Fund Board notified for income tax exemption u/s 10(46) for five AYs 2019-20 to 2023-24. CBDT Notification 26/2020

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

Notification No. 26/2020

New Delhi, the 21st May, 2020

S.O. 1563(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, ‘Kerala Cooperative Development and Welfare Fund Board’, Trivandrum (PAN AACTT3875A), a Board constituted by the Government of Kerala, in respect of the following specified income arising to that Board, namely:-

(a) Membership Fees;
(b) Annual Renewal Fees;
(c) Risk Fund Contribution and Assistance; and
(d) Interest earned on (a) to (c) above.

2. This notification shall be effective subject to the conditions that Kerala Cooperative Development and Welfare Fund Board,-

(a) shall not engage in any commercial activity;

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

(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; and

(d) shall file the audit report along with 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.

3. This notification shall apply with respect to the assessment years 2019-2020, 2020-2021, 2021-2022, 2022-2023 and 2023-2024.

[ F.No.300196/9/2019-ITA-I]

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