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The Central Government notifies specified income of the Bureau of Indian Standards for tax exemption under section 10 clause 46 of the Income-tax Act, 1961. The exemption applies to certification fees, sale of standards without profit, and interest income. The Bureau of Indian Standards must not engage in commercial activity. The activities and nature of specified income must remain unchanged. The Bureau of Indian Standards files a return of income under section 139 sub-section 4C clause g. The notification applies for Assessment Years 2021-22 through 2025-26.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 31st December, 2021
S.O. 1(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Bureau of Indian Standards (BIS)(PAN:AAATB0431G), set up by the Bureau of Indian Standards Act, 1986 (63 of 1986) in respect of the following specified income arising to that Bureau, namely:-
This notification shall be applicable for the Assessment Years 2021-22, 2022-23, 2023-24, 2024-25 and 2025-26.
[Notification No. 142 /2021/F. No. 300196/4/2021-ITA-I] VIKAS SINGH, Director
Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification.
