The Finance Ministry has exempted the Central Board of Secondary Education (CBSE) from paying income tax on earnings from examination fees, sale of text books and publications, besides others. The exemption will continue in the current fiscal and the next financial year (2024-25).
The income tax exemption has been given retrospectively from the financial year 2020-2021 (for the period from June 1, 2020 to March 31, 2021) and for fiscal year 2021-22, and 2022-23, news agency PTI reported.
Also Read: Income Tax Calculator Online: How To Know Your Tax Liability On IT Department Portal?
Such income include examination fees; affiliation fees; sale of text books & publications; registration fees, sports fees, training fees and other academic receipts.
Also, receipts from CBSE projects/programmes; interest on income tax refunds; and interest earned on these specified income would be exempted from income tax.
In a notification, the Central Board of Direct Taxes (CBDT) said the government has notified the Central Board of Secondary Education, Delhi, a Board constituted by the Central government, under section 10 (46) of the I-T Act and exempted it from paying income tax on specified income.
Conditions
The tax exemption is subject to the condition that CBSE shall not engage in any commercial activity; activities and the nature of the specified income shall remain unchanged throughout the financial years, the CBDT said.
Om Rajpurohit, joint partner (corporate & international tax), AMRG & Associates, told PTI, “Given that the current notification has been provided for a limited period beginning retroactively from June 1, 2020 to FY 2024-25, the CBSE may file an application to the CBDT for special permission to revise earlier years’ income tax returns and claim a refund for taxes paid on specified income, as the time period for revision of returns has already expired.”
Read all the Latest Business News here
Comments
0 comment