Kerala Co-operative Deposit Guarantee Fund Board exempted from Income Tax u/s 10(46): CBDT [Read Notification]

The Central Board of Direct Taxes ( CBDT ) exempted Kerala Co-operative Deposit Guarantee Fund Board under Section 10(46) from Income Tax Act, 1961. The board vide notification no. S.O. 2242(E) dated 12th June 2024 has notified the same.

The following income of the Kerala Co-operative Deposit Guarantee Fund Board is exempted from paying tax:

1. Contribution received from the Government of Kerala
2. Contribution received from society(ies) as defined in paragraph 2(k) of the Kerala Co‐operative Deposit Guarantee Scheme.
3. Interest on bank deposits

This notification shall be effective subject to the conditions that Kerala Co-operative Deposit Guarantee Fund Board-

1. shall not engage in any commercial activity;
2. its activities and the nature of the specified income shall remain unchanged throughout the financial year(s); 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.

This notification shall be deemed to have been applied for assessment years 2019-2020, 2020-2021, 2021- 2022, 2022-2023 and 2023-24 relevant for the financial years 2018-2019, 2019-2020, 2020-2021, 2021-2022 and 2022-23 respectively.

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