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The Central Government notifies specified income of the Uttaranchal Board of Technical Education, Roorkee for income tax exemption under clause (46) of section 10 of the Income-tax Act, 1961. The exemption applies to seven specified income streams which include government grants, student fees, form sales, asset disposal, rent, royalties, and bank interest. The Board must not engage in any commercial activity, must keep its activities and income nature unchanged, and must file a return of income under section 139. The notification applies retrospectively for Assessment Year 2023-24 relevant for Financial Year 2022-23.
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MINISTRY OF FINANCE (Department of Revenue) (Central Board of Direct Taxes) NOTIFICATION New Delhi, the 15th July, 2024
S.O. 2766(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, ‘Uttaranchal Board of Technical Education, Roorkee’ (PAN: AAALU0281D), a Board constituted by State Government of Uttaranchal, in respect of the following specified income arising to the said Society, as follows:
Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification.
