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The Central Government notifies specified income of the Insolvency and Bankruptcy Board of India under section 10 clause 46 of the Income-tax Act, 1961. The specified income includes grants-in-aid from the Central Government, fees and fines under the Insolvency and Bankruptcy Code, 2016, and related interest income. The board does not engage in commercial activity. The board keeps activities and specified income unchanged. The board files return of income under section 139 sub-section 4C clause g. The notification applies for financial years 2017-2018 through 2021-2022.
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MINISTRY OF FINANCE (Department of Revenue) (Cental Board of Direct Taxes) NOTIFICATION New Delhi, the 10th August, 2018
S.O. 3959(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, ‘Insolvency and Bankruptcy Board of India’, New Delhi, a board established by the Central Government, in respectP of the following specified income arising to that board, namely:-
[Notification No. 38 /2018/F. No. 300196/42/2017-ITA-I] VINAY SHEEL GAUTAM, Under Secy.
Explanatory Memorandum: It is certified that no person is being adversely affected by giving retrospective effect to this notification.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.
