CBDT vide Notification No. 58/2022 dated 31.05.2022 in S.O. 2501(E) notified ‘National Biodiversity Authority’, having PAN AAALN0331K, an Authority established under the Biological Diversity Act, 2002 (18 of 2003) for income-tax exemption under section 10(46) of the Income-tax Act, 1961.
As per the notification, the following incomes of the Authority shall be exempt from income tax:
(a) amount received in the form of grant-in-aid from the Government of India;
(b) benefit sharing fee and royalty received;
(c) amount received in the form of application fees; and
(d) interest earned on above.
The above-mentioned income shall be exempt from income tax if the Authority shall not engage in any commercial activity and that activities and the nature of the specified income shall remain unchanged throughout the financial years.
In order to claim exemption, the Authority is required to furnish the return of income in accordance with the provision of section 139(4C)(g).
Read the full text of Notification No. 58/2022 dated 31.05.2022 on income-tax exemption to National Biodiversity Authority
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 31st May, 2022
S.O. 2501(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’ (PAN AAALN0331K), 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) benefit sharing fee and royalty received;
(c) amount received in the form of application fees; and
(d) interest earned on (a) to (c) above.
2. This notification shall be effective subject to the conditions that National Biodiversity Authority, Chennai: -—
(a) shall not engage in any commercial activity;
(b) activities and the nature of the specified income shall 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) of section 139 of the Income-tax Act, 1961.
3. This notification shall be deemed to have been applied for the financial year 2021-2022 and shall be applicable with respect to the financial years 2022-2023, 2023-2024, 2024-2025 and 2025-2026.
[Notification No. 58 /2022 F.No.300196/12/2021-ITA-I]
SOURABH JAIN, Under Secy.
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
Download CBDT Notification No. 58/2022 dated 31.05.2022 on income-tax exemption to National Biodiversity Authority in PDF format
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