This gazette notification, issued by the Ministry of Finance, grants an income tax exemption to the Central Silk Board, Bengaluru, for specific types of income it receives.
The exemption is provided under clause (46) of section 10 of the Income-tax Act, 1961.
The notification specifies the types of income that are exempt, and sets conditions for the exemption to be valid.
Key Changes
The Central Silk Board, Bengaluru (PAN: AAALC0093M), is granted an income tax exemption for specific income.
The exempted income includes: Grants/funds from government or statutory bodies, compensation from sale of assets, royalties from patents, penalties and levies collected under government statutes, fees for services, and interest on bank deposits.
The exemption is conditional upon the Central Silk Board not engaging in commercial activities, maintaining consistency in its activities and income nature throughout the financial year, and filing income tax returns as per section 139(4C)(g) of the Income-tax Act, 1961.
The notification is effective for assessment years 2024-2025 to 2028-2029, corresponding to financial years 2023-2024 to 2027-2028.
Impact Analysis
Central Silk Board, Bengaluru
The Board will need to maintain clear records of its income and activities to demonstrate compliance with the conditions of the exemption.
Government
The government will need to monitor the Central Silk Board's compliance with the conditions of the exemption.
Other Stakeholders
The exemption may not have any direct impact on other entities or individuals.
Suggested Action Items
The government should monitor the Central Silk Board's compliance with the conditions of the exemption through regular audits and reviews.
Key Entities Referenced
Central Silk Board, Bengaluru: A Board constituted by the Central Government under the Central Silk Board Act, 1948. It is the recipient of the income tax exemption.
Ministry of Finance (Department of Revenue): The government body that issued the gazette notification.
Central Board of Direct Taxes: The body under the Department of Revenue that is responsible for direct tax matters.
Income-tax Act, 1961: The primary legislation governing income tax in India. The notification refers to section 10(46) and section 139(4C)(g) of this Act.
Central Silk Board Act, 1948: The Act under which the Central Silk Board was established.
Central Silk Board (Amendment) Act, 2006: The act which amended the Central Silk Board Act, 1948.
Central Silk Board Rules, 1955: The rules governing the Central Silk Board.
Central Silk Board (Amended) Rules, 2015: The rules which amended the Central Silk Board Rules, 1955.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-24122024-259617
xxxGIDHxxx
CG-DLxx-xEG-I2D4E1x2x2x0 24-259617
असाधारण
EXTRAORDINARY
भाग II—खण् ड 3—उप-खण्ड (ii)
PART II—Section 3—Sub-section (ii)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 5136] नई दिल्ली, मगं लिार, दिसम्ब र 24, 2024/पौष 3, 1946
No. 5136] NEW DELHI, TUESDAY, DECEMBER 24, 2024/PAUSHA 3, 1946
जित्त मत्रं ालय
(रािस्ट्ि जिभाग)
(केन्द्रीय प्रत्यक्ष कर बोडड)
अजधसचू ना
नई दिल्ली, 12 दिसम् बर, 2024
का.आ. 5551(अ).—आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खंड (46) द्वारा प्रित्त िजियों
का प्रयोग करते हुए, केंर सरकार एति् द्वारा उि खडं के प्रयोिनों के जलए, 'केंरीय रेिम बोड,ड बेंगलुरु' (पैन:
AAALC0093M) केंरीय रेिम बोड ड अजधजनयम, 1948 के तहत केंर सरकार द्वारा गठित एक बोड ड को, उस बोड ड को होन े
िाली जनम्नजलजखत जिजनर्िष्टड आय के संबंध में , अजधसूजचत करती ह,ै अर्ाडत:
(क) केंरीय रेिम बोडड द्वारा केंर/राज्य/एनिएनिीओ या दकसी अन्द्य सांजिजधक जनकाय स े प्राप्त अनुिान/जनजध;
(ख) केन्द्रीय रेिम बोडड की चल एि ं अचल संपजत्तयों की जबक्री, जनपटान, नीलामी या अजधग्रहण के कारण प्राप्त
मुआििा;
(ग) केंरीय रेिम बोड ड के स्ट्िाजमत्ि िाली पेटेंट प्राप्त प्रौद्योजगदकयों और बौजिक संपिा अजधकारों के जलए प्राप्त
रॉयल्टी या कोई अन्द्य आय;
8311 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
(घ) सरकारी कानूनों के तहत िसूले िाने िाले िुमाडन े और िुल्क;
(ङ) केंरीय रेिम बोडड अजधजनयम (संिोधन), 2006 (2006 का 42) द्वारा यर्ा संिोजधत केंरीय रेिम बोड ड
अजधजनयम, 1948 (1948 का LXI) तर्ा केंरीय रेिम बोडड जनयमािली (संिोजधत), 2015 द्वारा यर्ा
संिोजधत केंरीय रेिम बोडड जनयमािली, 1955 के प्रािधानों के अनुसार केंरीय रेिम बोडड द्वारा प्रित्त सेिाओं
के कारण प्राप्त िल्ु कआय/प्रभार/; तर्ा
(च) बैंक िमा पर ब्याि।
2. यह अजधसूचना इन ितों के अधीन प्रभािी होगी दक 'केंरीय रेिम बोड,ड बेंगलुरु' –
(क) दकसी भी व्यािसाजयक गजतजिजध में िाजमल नहीं होगा;
(ख) उसकी गजतजिजधयााँ और जनर्िष्टड आय की प्रकृजत परू े जित्तीय िषों में अपठरिर्तडत रहगें ी; और
(ग) आयकर अजधजनयम, 1961 की धारा 139 की उप-धारा (4 ग) के खंड (छ) के प्रािधान के अनुसार आय की
जििरणी िाजखल करेगा।
3. यह अजधसूचना क्रमि: जित्तीय िषों 2023-2024 से 2027-2028 तक संगत जनधाडरण िषों 2024-2025 से 2028-
2029 तक के जलए लाग ूहोगी।
[अजधसूचना स.ं 129 /2024 फा.सं. 300196/22/2024-आईटीए-I]
अश् िजन कुमार, अिर सजचि
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 12th December, 2024
S.O. 5551(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, ‘Central Silk Board,
Bengaluru’ (PAN: AAALC0093M), a Board constituted by the Central Government under the Central Silk Board
Act, 1948, in respect of the following specified income arising to that Board, namely:
(a) Grants/Funds received from the Centre/State/NGO or any other Statutory body by Central Silk
Board;
(b) Compensation received on account of sale, disposal, auction or acquisition of movable and
immovable properties of Central Silk Board;
(c) Royalty or any other income received for the technologies patented and intellectual property rights
owned by the Central Silk Board;
(d) Penalties and Levies collected under Government Statutes;
(e) Fee/charges/receipt received on account of services rendered by Central Silk Board as per the
provisions of the Central Silk Board Act, 1948 (LXI of 1948) as amended by the Central Silk Board
(Amendment) Act, 2006 (42 of 2006) and the Central Silk Board Rules, 1955 as amended by the
Central Silk Board (Amended) Rules, 2015; and
(f) Interest earned on bank deposits.
2. This notification shall be effective subject to the conditions that ‘Central Silk Board, Bengaluru-
(a) shall not engage in any commercial activity;
(b) its activities and the nature of the specified income shall remain unchanged throughout the financial
year; and[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 3
(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 for assessment years 2024-2025 to 2028-2029 relevant to financial years
2023-2024 to 2027-2028.
[Notification No. 129 /2024 F. No. 300196/22/2024-ITA-I]
ASHWANI KUMAR, Under Secy.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.