The Central Board of Direct Taxes (CBDT) has notified the Regional Air Connectivity Fund Trust eligible for Section 10(46) Income Tax Exemption.
The Central Government has notified ‘Regional Air Connectivity Fund Trust, a trust constituted by the Central Government, in respect of the specified income arising to that trust, namely Grant from Government; Receipt of levy from Airlines; Forfeiture of bank guarantee due to non-fulfillment of obligation by Airlines; and Interest income earned on (a) to (c) above.
The notification shall be effective subject to the conditions that Regional Air Connectivity Fund Trust, 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.
This notification shall be deemed to have been applied for the period from 01.06.2020 to 31.03.2021 for the financial year 2020-2021 and shall apply with respect to the financial years 2021-2022, 2022-2023, 2023-2024 and 2024-2025.
NOTIFICATION NO: 1/2022/F
DATE: 6th January, 2022
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