CBDT Notifies Income Tax Exemption To Chhattisgarh Rajya Beej Pramanikaran Sanstha

The Central Board of Direct Taxes (CBDT) has notified the income tax exemption to Chhattisgarh Rajya Beej Pramanikaran Sanstha.

The Board empowered under section 10 (46) of the Income-tax Act, 1961 has exempted Chhattisgarh Rajya Beej Pramanikaran Sanstha, a body constituted by the State Government of Chhattisgarh from income tax.

The income tax exemption is applicable on grants received from Central and State Governments, money received by the way of application, Certification fees and other service charges, interest earned on Term/Fixed Deposits in the banks.

The notification shall be effective subject to various conditions.

Firstly, the assessee shall not engage in any commercial activity.

Secondly, activities and the nature of the specified income shall remain unchanged throughout the financial years.

Lastly, the assessee 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.

The notification shall be deemed to have been applied for assessment years 2019-2020, 2020-2021, 2021-2022, 2022-2023 and 2023-2024 relevant for the financial years 2018-2019, 2019-2020, 2020-2021, 2021-2022 and 2022-2023, respectively.

Notification No.100/2023

Date: 24/11/2023

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