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The Central Government notifies the Kerala Co-operative Deposit Guarantee Fund Board for income tax exemption under clause (46) of section 10 of the Income-tax Act, 1961. The exemption applies to specific income sources that include contributions from the Government of Kerala, contributions from eligible societies, and interest on bank deposits. The Board must not engage in any commercial activity, must keep its activities and specified income nature unchanged, and must file a return of income. The notification applies retrospectively for assessment years 2019-2020 through 2023-24.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 12th June, 2024
S.O. 2242(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 Co-operative Deposit Guarantee Fund Board’ (PAN: AANFK3180E), a Board constituted by the Govt. of Kerala, in respect of the following specified income arising to that Board, namely:
[Notification No. 51/2024 F. No. 300196/43/2018-ITA-I] CASTRO JAYAPRAKASH T., Under Secy.
Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification.
