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Date: 12-Jun-2024 Category: Extra Ordinary State: Union Government Country: India

Notification under section 10(46) of the Income Tax Act, 1961 in the case of Kerala Cooperative Deposit Guarantee Fund Board

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 the 'Kerala Co-operative Deposit Guarantee Fund Board' on specific incomes, under Section 10(46) of the Income-tax Act, 1961.
  • The exemption applies to income arising from contributions received from the Government of Kerala, contributions from societies defined in the Kerala Co-operative Deposit Guarantee Scheme, and interest on bank deposits.

Key Changes

  • The Central Government notifies the 'Kerala Co-operative Deposit Guarantee Fund Board' (PAN: AANFK3180E) for income tax exemption under Section 10(46) of the Income-tax Act, 1961.
  • The exemption covers specific income categories: contributions from the Kerala Government, contributions from societies as per the Kerala Co-operative Deposit Guarantee Scheme, and interest on bank deposits.
  • The notification is effective retrospectively for assessment years 2019-2020, 2020-2021, 2021-2022, 2022-2023 and 2023-2024, corresponding to financial years 2018-2019, 2019-2020, 2020-2021, 2021-2022 and 2022-23 respectively.
  • The exemption is conditional upon the Board not engaging in commercial activities, maintaining unchanged activities and income nature throughout the financial years, and filing income returns as per Section 139(4C)(g) of the Income-tax Act, 1961.

Impact Analysis

Kerala Co-operative Deposit Guarantee Fund Board

  • Action item: Ensure compliance with the conditions stipulated in the notification, including refraining from commercial activities, maintaining consistent activities and income nature, and filing income tax returns as required under Section 139(4C)(g) of the Income-tax Act, 1961.

Government of Kerala

  • Action item: Monitor the Board's compliance with the notification's conditions to ensure the intended benefits are realized.

Co-operative Societies under the Kerala Co-operative Deposit Guarantee Scheme

  • Action item: Stay informed about the Board's activities and financial performance to assess the security of their deposits.

Central Board of Direct Taxes (CBDT)

  • Action item: Ensure the notification is properly implemented and that the Kerala Co-operative Deposit Guarantee Fund Board complies with all conditions for the exemption.

Key Entities Referenced

Kerala Co-operative Deposit Guarantee Fund Board: A Board constituted by the Government of Kerala with PAN: AANFK3180E. It is the primary beneficiary of the income tax exemption. Government of Kerala: The state government that constituted the Kerala Co-operative Deposit Guarantee Fund Board and provides contributions to it. Income-tax Act, 1961: The principal legislation governing income tax in India. Section 10(46) provides the power to grant exemptions to specified entities. Central Board of Direct Taxes (CBDT): The apex body responsible for the administration of direct taxes in India, under the Department of Revenue, Ministry of Finance. Kerala Co-operative Deposit Guarantee Scheme: A scheme that defines the societies from which contributions are received by the Kerala Co-operative Deposit Guarantee Fund Board.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-12062024-254663 xxxGIDHxxx CG-DLxx-xEG-I1D2E0x6x2x0 24-254663 असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 2140] नई दिल्ली, बुधिार, िनू 12, 2024/ज्य ष्े ि 22, 1946 No. 2140] NEW DELHI, WEDNESDAY, JUNE 12, 2024/JYAISHTHA 22, 1946 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 12 िून, 2024 का.आ. 2242(अ).—आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खंड (46) द्वारा प्रित्त िजियों का प्रयोग करत े हुए, केंद्र सरकार, एतद्द्वारा उि खडं के प्रयोिनों के जलए 'केरल सहकारी िमा गारंटी कोष बोडड' (पैन: AANFK3180E), केरल सरकार द्वारा गठित एक बोडड को उद्भूत होने िाली जनम्नजलजखत जनर्िष्टड आय के संबंध म ें अजधसूजचत करती ह,ै अर्ाडत्: (क) केरल सरकार से प्राप् त अंििान (ख) केरल सहकारी िमा गारंटी योिना के पैराग्राफ 2(ट) में पठरभाजषत सोसाइटी (सोसाइठटयों) से प्राप् त अंििान (ग) बैंक िमा पर ब्याि। 2. यह अजधसूचना उन ितों के अधीन प्रभािी होगी दक केरल सहकारी िमा गारंटी कोष बोडड – (क) दकसी भी व् यािसाजयक गजतजिजध में िाजमल नहह होगा; 3486 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] (ख) इसकी गजतजिजधयां 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 क्रमिः जित्तीय िषों 2018-2019, 2019-2020, 2020-2021, 2021-2022 और 2022-2023 के जलए क्रमि: प्रासंजगक जनधाडरण िषों 2019-2020, 2020-2021, 2021-2022, 2022-2023 और 2023-2024 के जलए लाग ूमानी िाएगी। [अजधसूचना सं. 51/2024 फा. सं. 300196/43/2018-आईटीए-I] कास्त्रो ियप्रकाि टी. , अिर सजचि स्ट्प ष्ट ीकरण ज्ञापन यह प्रमाजणत दकया िाता ह ै दक इस अजधसूचना को भूतलक्षी प्रभाि िेने से दकसी भी व्यजि पर प्रजतकूल प्रभाि नहह पड़ रहा ह।ै MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 12th June, 2024 S.O. 2242(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 Co-operative Deposit Guarantee Fund Board’ (PAN: AANFK3180E), a Board constituted by the Govt. of Kerala, in respect of the following specified income arising to that Board, namely: a) Contribution received from the Government of Kerala b) Contribution received from society(ies) as defined in paragraph 2(k) of the Kerala Co‐operative Deposit Guarantee Scheme. c) Interest on bank deposits 2. This notification shall be effective subject to the conditions that Kerala Co-operative Deposit Guarantee Fund Board- (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(s); 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 assessment years 2019-2020, 2020-2021, 2021- 2022, 2022-2023 and 2023-24 relevant for the financial years 2018-2019, 2019-2020, 2020-2021, 2021-2022 and 2022-23 respectively. [Notification No. 51/2024 F. No. 300196/43/2018-ITA-I] CASTRO JAYAPRAKASH T., Under Secy. Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification. 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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