MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION NO. 71/2016-Income Tax

New Delhi, the 17th August, 2016.

S.O. 2726(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, National Skill Development Corporation, a body constituted by Central Government, in respect of the following specified income arising to that Corporation, namely:-

(a) long-term capital gain out of investment in an organisation for skill development;

(b) dividend and royalty from skill development venture supported or funded by National Skill Development Corporation;

(c) interest on loans to Institutions for skill development;

(d) interest earned on fixed deposits with banks; and

(e) amount received in the form of Government grants.

2. This notification shall be effective subject to the conditions that National Skill Development Corporation,-

(a) shall not engage in any commercial activity;

(b) activities and the nature of the specified income remain unchanged throughout the financial years; and

(c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) section 139 of the Income-tax Act, 1961.

3. This notification shall be deemed to have been apply with respect to the Financial Years 2016-17, 2017-18, 2018-19, 2019-20 and 2020-21.

[ F. No. 196/39/2015-ITA-I]

DEEPSHIKHA SHARMA, Director

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