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The Central Government notifies the West Bengal State Council of Science and Technology for income tax exemption under section 10 clause 46 of the Income-tax Act 1961. The exemption applies to specific income sources that include government grants, research fellow course fees, and receipts from sales of maps, patent reports, and plants, plus interest earned on these items. The society must not engage in any commercial activity. The activities and the nature of the specified income must remain unchanged throughout the financial years. The society must file a return of income under section 139 sub-section 4C clause g. The notification applies to the assessment years 2016-17, 2017-18, 2018-19, 2019-20, and 2020-21.
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MINISTRY OF FINANCE (Deparment of Revenue) (Central Board of Direct Taxes) NOTIFICATION New Delhi, the 14th September, 2018
S.O. 4864(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, ‘West Bengal State Council of Science & Technology’, Kolkata, a society constituted by the Government of West Bengal, in respect of the following specified income arising to that Society, namely:--
[Notification No. 50 /2018/F.No.300196/7/2016-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.
