The Central Board of Direct Taxes (CBDT) has notified the National Council of Science Museums eligible for Income Tax Exemption under Section 10(46) of the Income Tax Act, 1961.
The exemption is granted for the specified income arising to the Council namely amount received in the form of grants-in-aid and subsidies from the Government of India; fees or subscription by the sale of tickets; charges for maintenance recovered for use of the auditorium and other public facilities for scientific and educational purposes; and Income arising or derived by way of interest received from the investment.
The CBDT has further imposed several conditions on the National Council of Science Museums to be eligible for exemptions.
Firstly, the assessee shall not engage in any commercial activity.
Secondly, activities and the nature of the specified income shall remain unchanged throughout the financial years.
Thirdly, shall file a return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.
Fourthly, shall file the Audit report along with the Return, duly verified by the accountant as provided in explanation to section 288(2) of the Income-tax Act, 1961 along with a certificate from the chartered accountant that the above conditions are satisfied.
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