CBDT vide Notification No. 107/2022 dated 05.07.2022 in S.O. 4154(E) notified ‘Central Registry of Securitisation Asset Reconstruction and Security Interest of India’, having PAN AAECC5770G, a body set up under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 for income tax exemption under section 10(46) of the Income-tax Act, 1961.
As per the notification, the following incomes of the Central Registry shall be exempt from income tax:
(a) fee income from Security Interest transactions;
(b) fee income from transactions on Central KYC (CKYC) Records Registry;
(c) RTI application fee; and
(d) interest income earned on fixed deposits and on above.
The above-mentioned income shall be exempt from income tax if the commission shall not engage in any commercial activity and those activities and the nature of the specified income shall remain unchanged throughout the financial years.
In order to claim exemption, the commission is required to furnish a return of income in accordance with the provision of section 139(4C)(g).
The exemption shall be available from FY 2018-19 to FY 2022-23.
Read the full text of Notification No. 107/2022 dated 05.09.2022 on income-tax exemption to Central Registry of Securitisation Asset Reconstruction and Security Interest of India
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 5th September, 2022
S.O. 4154(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 Registry of Securitisation Asset Reconstruction and Security Interest of India’ (PAN AAECC5770G), a body set up under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 (No.54 of 2002) in respect of the following specified income arising to that body, namely:-
(a) fee income from Security Interest transaction;
(b) fee income from transactions on Central KYC (CKYC) Records Registry;
(c) RTI application fee; and
(d) interest income earned on fixed deposits and on (a) to (c) above.
2. This notification shall be effective subject to the conditions that Central Registry of Securitisation Asset Reconstruction and Security Interest of India, -
(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 years 2018-2019, 2019- 2020, 2020-2021 and 2021-2022 and shall be applicable with respect to the financial year 2022-2023.
[Notification No. 107/2022/F. No. 300196/25/2018-ITA-I]
SOURABH JAIN, Under Secy.
Explanatory Memorandum
It is certified that no person is being affected adversely by giving retrospective effect to this notification.
Download CBDT Notification No. 107/2022 dated 05.09.2022 on income-tax exemption to Central Registry of Securitisation Asset Reconstruction and Security Interest of India in PDF format
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