Section 10(46) Central Govt notifies 'National Biodiversity Authority'

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

DEPARTMENT OF REVENUE

CENTRAL BOARD OF DIRECT TAXES

INCOME TAX

Notification No. 16/2016

New Delhi, the 16th March, 2016

S.O. 1138(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 Biodiversity Authority” an authority established under the Biological Diversity Act, 2002 (18 of 2003) in respect of the following specified income arising to that Authority, namely:—

(a) amount received in the form of grant-in-aid from the Government of India;

(b) amount received in the form of interest;

(c) benefit sharing fee and royalty received;

(d) amount received in the form of penalty and application fees.

2. This notification shall be effective subject to the following conditions, namely:—

(a) the National Biodiversity Authority shall not engage in any commercial activity;

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

(c) the National Biodiversity Authority shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the said Act.3. This notification shall be deemed to apply for the period 1-6-2011 to 31-3-2012 and financial years 2012-13, 2013-14, 2014-15 and shall apply with respect to the financial year 2015-2016.