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The Central Government notifies the Kerala Cooperative Development and Welfare Fund Board for income tax exemption under section 10 clause 46 of the Income-tax Act, 1961. The exemption applies to membership fees, annual renewal fees, risk fund contribution and assistance, and interest earned on these items. The notification applies to the assessment years 2019-2020 through 2023-2024. The Board must not engage in any commercial activity. The activities and the nature of the specified income must remain unchanged throughout the financial years. The Board must file return of income and file the audit report along with a certificate from the chartered accountant.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 21st May, 2020
S.O. 1563(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, ‘Kerala Cooperative Development and Welfare Fund Board’, Trivandrum (PAN AACTT3875A), a Board constituted by the Government of Kerala, in respect of the following specified income arising to that Board, namely:-
[Notification No. 26/2020, F.No.300196/9/2019-ITA-I] PRAJNA PARAMITA, Director
