CBDT grants Tax Exemption to Haryana State Board of Technical Education u/s 10(46) [Read Notification]

The Haryana State Board of Technical Education, Panchkula, has been exempted from taxation by the Central Board of Direct Taxes (CBDT) under Section 10(46) of the Income Tax Act, 1961. This exemption was formally communicated through notification no. S.O. 83(E) dated January 5, 2024.

The following income of the board has been exempted:

• Grants, Assignments and Contributions received from the Central Government and the State Government of Haryana;
• Fees, such as Affiliation Fees, Examination Fees, Migration Fees, Transcription Fees, etc.;
• Royalties and charges including penalties;
• Bequests, donations and endowments or other contributions;
• Sale proceeds of any securities and Rents and profits from property vested in Haryana State Board of Technical Education; and
• Interest earned on bank deposits.

However, the notification shall be effective subject to the conditions that Haryana State Board of Technical Education, Panchkula:

• 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 Notification CLICK HERE

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