CBDT Exempts 1948 formed Bengaluru Central Silk Board from Income Tax u/s 10(46) [Read Notification]

The Central Board of Direct Taxes ( CBDT ) has notified an income tax exemption for the Central Silk Board, Bengaluru, under Section 10(46) of the Income-tax Act, 1961.

Established under the Central Silk Board Act, 1948, the Board will get exemption on specified income for assessment years 2024-25 to 2028-29, corresponding to financial years 2023-24 to 2027-28.

The exemption applies to the following income sources:

1. Grants or funds received from the Central/State Government, NGOs, or other statutory bodies.
2. Compensation from the sale, disposal, auction, or acquisition of movable and immovable properties.
3. Royalty and other income from patented technologies and intellectual property rights.
4. Penalties and levies collected under government statutes.
5. Fees or charges for services rendered under the Central Silk Board Act, 1948, and its amendments.
6. Interest earned on bank deposits.

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The exemption is subject to the following conditions:

• The Board must not engage in commercial activities.
• Its activities and the nature of specified income must remain unchanged throughout the financial year.
• It must file income tax returns as required under Section 139(4C)(g) of the Income-tax Act, 1961.

To Read the full text of the Order CLICK HERE

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