CBDT vide Notification No. 9/2023 dated 01.03.2023 in S.O. 947(E) notified ‘Insolvency and Bankruptcy Board of India, New Delhi’ (IBBI), having PAN AAAGI0193K, a Board established by the Central Government for income-tax exemption under section 10(46) of the Income-tax Act, 1961.
As per the notification, the following incomes of the Board shall be exempt from income tax:
(a) Grants-in-aid received from Central Government;
(b) Fees received and Fines collected under the Insolvency and Bankruptcy Code, 2016; and
(d) Interest income accrued on above.
The above-mentioned income shall be exempt from income tax if the Board shall not engage in any commercial activity and the 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 2022-23 to FY 2026-27.
Read the full text of Notification No. 9/2023 dated 01.03.2023 on income-tax exemption to Insolvency and Bankruptcy Board of India (IBBI)
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 1st March, 2023
S.O. 947(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, ‘Insolvency and Bankruptcy Board of India’, New Delhi (PAN AAAGI0193K), a Board established by the Central Government, in respect of the following specified income arising to that Board, namely:
(a) Grants-in-aid received from Central Government;
(b) Fees received under the Insolvency and Bankruptcy Code, 2016 (31 of 2016);
(c) Fines collected under the Insolvency and Bankruptcy Code, 2016 (31 of 2016); and
(d) Interest income accrued on (a), (b) and (c) above.
2. This notification shall be effective subject to the conditions that Insolvency and Bankruptcy Board of India, New Delhi:-
(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 applicable with respect to the financial years 2022-2023, 2023-2024, 2024-2025, 2025-2026 and 2026-2027.
[Notification No. 09/2023/F.No.300196/39/2021-ITA-I]
SOURABH JAIN, Under Secy
 for Tax Exemption u/s 10(46)){kind=link}
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