Ministry of Finance, through Notification No. 129 dated December 12, 2024, has granted tax exemption to the Central Silk Board (PAN: AAALC0093M) under clause (46) of Section 10 of the Income-tax Act, 1961. This exemption applies to specified income of the Board, including grants or funds from government bodies or NGOs, compensation from the sale or disposal of properties, royalties from patented technologies, penalties under government statutes, fees for services rendered, and interest from bank deposits. The exemption is conditional on the Central Silk Board not engaging in commercial activities, maintaining its activities and income sources unchanged throughout the financial year, and filing income returns as required under the Income-tax Act. The notification is effective for the assessment years 2024-2025 to 2028-2029, covering the financial years 2023-2024 to 2027-2028.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 129 – Income Tax | Dated: 12th December, 2024
S.O. 5551(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, ‘Central Silk Board, Bengaluru’ (PAN: AAALC0093M), a Board constituted by the Central Government under the Central Silk Board Act, 1948, in respect of the following specified income arising to that Board, namely:
(a) Grants/Funds received from the Centre/State/NGO or any other Statutory body by Central Silk Board;
(b) Compensation received on account of sale, disposal, auction or acquisition of movable and immovable properties of Central Silk Board;
(c) Royalty or any other income received for the technologies patented and intellectual property rights owned by the Central Silk Board;
(d) Penalties and Levies collected under Government Statutes;
(e) Fee/charges/receipt received on account of services rendered by Central Silk Board as per the
provisions of the Central Silk Board Act, 1948 (LXI of 1948) as amended by the Central Silk Board (Amendment) Act, 2006 (42 of 2006) and the Central Silk Board Rules, 1955 as amended by the Central Silk Board (Amended) Rules, 2015; and
(f) Interest earned on bank deposits.
2. This notification shall be effective subject to the conditions that ‘Central Silk Board, Bengaluru-
(a) shall not engage in any commercial activity;
(b) its activities and the nature of the specified income shall remain unchanged throughout the financial year; and
(c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.
3. This notification shall be applicable for assessment years 2024-2025 to 2028-2029 relevant to financial years 2023-2024 to 2027-2028.
[Notification No. 129/2024 F. No. 300196/22/2024-ITA-I]
ASHWANI KUMAR, Under Secy.
