CBDT notifies Income Tax Exemption to Karnataka State Rural Livelihood Promotion Society u/s 10(46) [Read Notification]

CBDT notified the income tax exemption to the Karnataka State Rural Livelihood Promotion Society under section 10(46) of income tax act, 1961.
By Navasree A.M - On January 3, 2024 4:20 pm - 2 mins read
CBDT - Income Tax Exemption - Karnataka State Rural Livelihood Promotion Society - Income Tax - TAXSCAN

The Central Board of Direct Taxes (CBDT), vide notification no. S.O. 41(E) dated 2nd January 2024 has notified the income tax exemption to Karnataka State Rural Livelihood Promotion Society under the Section 10(46) of the Income Tax Act, 1961.

The specified income exempted from income tax are:

  1. Grants received from the Central Government;
  2. Grants received from the State Government of Karnataka; and
  3. Interest earned on bank deposits.

However, this notification shall be effective subject to the conditions that, Karnataka State Rural Livelihood Promotion Society:

  1. shall not engage in any commercial activity;
  2. activities and the nature of the specified income shall remain unchanged throughout the financial years; and
  3. 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.
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