Insolvency and Bankruptcy Board of India Eligible For Income Tax Exemption On Grant-In-Aid, Fine, Fee, Interest Income: CBDT
The Central Board of Direct Taxes (CBDT) has notified that the Insolvency and Bankruptcy Board of India shall be eligible for the income tax exemption under clause (46) of section 10 of the Income-tax Act, 1961.The grants-in-aid received from the Central Government, the fees and fines received under the Insolvency and Bankruptcy Code, 2016, and interest income accrued by the Insolvency...
The Central Board of Direct Taxes (CBDT) has notified that the Insolvency and Bankruptcy Board of India shall be eligible for the income tax exemption under clause (46) of section 10 of the Income-tax Act, 1961.
The grants-in-aid received from the Central Government, the fees and fines received under the Insolvency and Bankruptcy Code, 2016, and interest income accrued by the Insolvency and Bankruptcy Board of India shall be eligible for the exemption.
The income tax exemption shall be available to the Board only upon the fulfillment of various conditions.
Firstly, the Insolvency and Bankruptcy Board of India shall not engage in any commercial activity.
Secondly, activities and the nature of the specified income shall remain unchanged throughout the financial years.
Thirdly, the Insolvency and Bankruptcy Board of India shall file a return of income in accordance with the provisions of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.
The notification shall be applicable with respect to the financial years 2022–2023, 2023–2024, 2024–2025, 2025–2026, and 2026–2027.
Notification No. 9 of 2023
Date: 1.03.2023
Click Here To Read The Notification