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CBDT Grants Income Tax Exemption to Madhya Pradesh Professional Examination Board u/s 10(46) [Read Notification]
The CBDT has exempted Madhya Pradesh Professional Examination Board from Income Tax under Section 10(46) of Income Tax Act, 1961
Central Board of Direct Taxes – CBDT – Income Tax Exemption – TAXSCAN
Central Board of Direct Taxes – CBDT – Income Tax Exemption – TAXSCAN
The Central Board of Direct Taxes (CBDT) vide notification no. S.O. 42(E) dated 2nd January 2024 has granted the income tax exemption to Madhya Pradesh Professional Examination Board, Bhopal under Section 10(46) of Income Tax Act, 1961.
The specified income exempted from income tax are:
- Fees of Examination & Sale of Application Form; and
- Interest earned on bank deposits
However, this notification shall be effective subject to the conditions that Madhya Pradesh Professional Examination Board:
- shall not engage in any commercial activity;
- activities and the nature of the specified income shall remain unchanged throughout the financial years; and
- 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.
To Read the full text of the Order CLICK HERE
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