SECTION 10(46) OF THE INCOME-TAX ACT, 1961 – EXEMPTIONS – STATUTORY BODY/AUTHORITY/BOARD/COMMISSION – NOTIFIED BODY OR AUTHORITY – BUREAU OF INDIAN STANDARDS
NOTIFICATION NO. 88/2014 [F.NO.196/27/2012-ITA.I]/ SO 3260(E), DATED 23-12-2014
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, the Bureau of Indian Standards set up by the Bureau of Indian Standards Act, 1986 (63 of 1986) in respect of the following specified income arising to that Bureau, namely:-
(i) certification fee;
(ii) sale of standards, provided there is no profit involved;
(iii) income from interest;
2. This notification shall be deemed to have been applied for the assessment years 2012-13, 2013-14, 2014-15 and shall be applicable for the assessment years 2015-16 to 2016-17.
3. The notification shall be subject to the following conditions, that –
(a) the Bureau of Indian Standards should not engage in any commercial activity;
(b) the activities and the nature of the specified income of the Bureau of Indian Standards remain unchanged throughout the financial year; and
(c) the Bureau of Indian Standards files return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the said Act.