Ministry : Ministry of Finance (Department of Revenue)
Part II-Section 3-Sub-Section (ii)
Subject : Extra Ordinary
Overview [Extraordinary Gazette Notification: Central Silk Board Income Exemption]
This is an Extraordinary Issue of the Government Gazette of India notifying that specified income of the Central Silk Board, Bengaluru, is exempt from income tax under the Income-tax Act, 1961.
Key Points
- Notification No. 129/2024 (F. No. 300196/22/2024-ITA-I) issued under section 10(46) of the Income-tax Act, 1961.
- Exempts grants/funds, compensation on sale/disposal, royalty/income from intellectual property, penalties, fees, and bank interest earned by the Central Silk Board.
- The exemption is subject to conditions: the Board must not engage in commercial activity, its activities and income nature must remain unchanged, and it must file income tax returns as per section 139(4C)(g).
- Effective for assessment years 2024-2025 to 2028-2029 (financial years 2023-2024 to 2027-2028).
Summary
This gazette notification clarifies that the Central Silk Board’s specified income is tax-exempt for five assessment years, provided it adheres to non-commercial activity and reporting conditions. The decision provides fiscal clarity and stability for the Board’s operations through 2028-29.
