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Date: 05-Jan-2024 Category: Extra Ordinary State: Union Government Country: India

Notification under clause (46) of section 10 of the Income tax Act 1961 in case of Karmayogi Bharat

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • The notification grants income tax exemption to 'Karmayogi Bharat' under Section 10(46) of the Income-tax Act, 1961, for specific incomes. Karmayogi Bharat is a company established under Section 8 of the Companies Act, 2013, and is wholly owned by the Government of India.

Key Changes

  • The Central Government has notified specific incomes of 'Karmayogi Bharat' as exempt from income tax.
  • The exempted incomes include: Grants/subsidies received from the Government/Government bodies; Subscription Charges/Fees, Assessment fees, On boarding fees; Receipts from sale of forms, materials, disposal of scrap and tender fee; and Interest earned from Banks and Government Securities and Bonds.
  • The exemption is subject to the conditions that 'Karmayogi Bharat' does not engage in any commercial activity, the nature of activities and specified income remain unchanged throughout the financial years, and it files income tax returns as per Section 139(4C)(g) of the Income-tax Act, 1961.
  • The notification is applicable for assessment years 2024-2025, 2025-2026, 2026-2027, 2027-2028 and 2028-2029, corresponding to financial years 2023-2024, 2024-2025, 2025-2026, 2026-2027 and 2027-2028 respectively.

Impact Analysis

Impact on Karmayogi Bharat

  • Karmayogi Bharat needs to file income tax returns as per Section 139(4C)(g) of the Income-tax Act, 1961.

Impact on Government

  • The government needs to monitor Karmayogi Bharat's compliance with the conditions of the notification.

Suggested Action Items

  • The Ministry of Finance should monitor the activities of Karmayogi Bharat to ensure compliance with the notification.

Key Entities Referenced

Karmayogi Bharat: A company incorporated under Section 8 of the Companies Act, 2013, with 100% equity shareholding by the President of India (Government of India). Income-tax Act, 1961: The principal legislation governing income tax in India. Section 10(46) provides for the exemption of income of specified bodies or authorities. Companies Act, 2013: The law governing company formation and regulation in India. Section 8 relates to companies formed for charitable purposes.
Official Source Record View Original Source →
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-05012024-251175 CG-DxLx-xEG-I0D5H0x1x2x0 24-251175 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 73] नई दिल्ली, िुक्रिार, िनिरी 5, 2024/पौष 15, 1945 No. 73] NEW DELHI, FRIDAY, JANUARY 5, 2024/PAUSHA 15, 1945 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 5 िनिरी, 2024 का.आ. 79(अ).— आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खंड (46) द्वारा प्रित्त िजोयक का प्रयोग करते हुए, केंद्रीय सरकार उो खंड के प्रयोिनार्ड, ‘कमडयोगी भारत’, (पैन: AAJCK2949L), कंपनी अजधजनयम, 2013 की धारा 8 के तहत जनगजमत एक कंपनी , जिसम ें भारत के राष्ट्रपजत यानी भारत सरकार के स्ट्िाजमत्ि िाला 100% इदिटी िेयर ह,ै को उो कंपनी को उद्भूत होने िाली जनम्नजलजखत जिजनर्िष्टड आय के संबंध म ेंअजधसूजचत करती ह,ै अर्ाडतः (क) सरकार/सरकारी जनकायक से प्राप्त अनुिान/छूट; (ख) सिस्ट्यता प्रभार/िुल्क, जनधाडरण िल्ु क,आनबोर्डगिं िल्ु क; (ग) प्रपत्रक, सामजियक की जबक्री, स्ट्क्रैप के जनपटान और जनजििा िल्ु क स े प्राजप्तयां; और (घ) बैंकक और सरकारी प्रजतभूजतयक और बांडक स ेअर्िडत ब्याि। 142 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] 2. यह अजधसूचना इन ितों के अध्यधीन प्रभािी होगी दक ‘कमडयोगी भारत’- (क) दकसी िाजणजययक कायडकलाप में िाजमल नहीं होगी; (ख) कायडकलापक और जिजिष्ट आय की प्रकृजत समस्ट्त जित्तीय िषों के िौरान अपिरिर्ततड रहगे ी; और (ग) आयकर अजधजनयम, 1961 की धारा 139 की उप-धारा (4ग) के खंड (छ) के प्रािधान के अनुसार आय की जििरणी फाइल करेगा। 3. यह अजधसूचना जनधारड ण िषों 2024-2025, 2025, 2025-2026, 2026-2027, 2027-2028 और 2028-2029 के जलए लागू होगी तर्ा क्रमिः जित्तीय िषों 2023-2024, 2024-2025, 2025, 2025-2026, 2026-2027 और 2027-2028 के जलए संगत होगी। [अजधसूचना स.ं 7/2024 फा. स.ं 196/12/2023-आईटीए-I] जिकास ससंह, जनिेिक, (आईटीए-I) MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 5th January, 2024 S.O. 79(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, ‘Karmayogi Bharat (PAN: AAJCK2949L), a Company incorporated under Section 8 of the Companies Act, 2013 with 100% equity shared owned by the President of India i.e. Government of India, in respect of the following specified income arising to the said Company, as follows: (a) Grants/subsidies received from the Government/ Government bodies; (b) Subscription Charges/Fees, Assessment fees, On boarding fees; (c) Receipts from sale of forms, materials, disposal of scrap and tender fee; and (d) Interest earned from Banks and Government Securities and Bonds. 2. This notification shall be effective subject to the conditions that Karmayogi Bharat – (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 applicable for assessment years 2024-2025, 2025-2026, 2026-2027, 2027-2028 and 2028-2029 relevant for the financial years 2023-2024, 2024-2025, 2025-2026, 2026-2027 and 2027-2028 respectively. [Notification No. 7/2024 F. No. 196/12/2023-ITA-I] VIKAS SINGH, Director (ITA-I) 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.

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