CBDT Notifies Retrospective Income Tax Exemption to Treasurer Charitable Endowments, Haryana u/S 10(46) [Read Notification]

The Central Board of Direct Taxes ( CBDT ) has notified the Treasurer Charitable Endowments, Haryana for income tax exemption under clause (46) of Section 10 of the Income-tax Act, 1961.

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This notification shall be deemed to have been applied for the assessment year 2015-2016, 2016-2017, 2017- 2018, 2018-2019 and 2019-2020 relevant for the Financial Years 2014-2015, 2015-2016, 2016-2017, 2017-2018 & 2018-2019.

The exemption applies to two specified sources of income:

(a) Grants received from the Central or State Government of Haryana specifically for the National Workers Relief Fund, and

(b) Interest earned on bank deposits.

Treasurer Charitable Endowments, Haryana is an authority established by the Government of Haryana to manage endowments and charitable funds in the public interest.

However, the exemption is subject to several conditions:

• The authority must not engage in any commercial activities;
• The nature and scope of its activities, as well as the specified sources of income, must remain unchanged during the financial years; and
• The entity must file its income tax return in accordance with clause (g) of sub-section (4C) of Section 139 of the Act.

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