Quick Summary
CBDTvideNotification No. 09/2023 dated March 01, 2023has notified Income Tax exemption to the Insolvency and Bankruptcy Board of India (the IBB) under section 10(46) of the Income-tax Act, 1961 (the IT Act). The exemption shall be available in respect of Grants-in-aid, fees fines collected under the Insolvency and Bankruptcy Code, 2016 (the IBC) and interest income accrues on them. Official copy of the notification has been mentioned below - MINISTRY OF FINANCE (Department of Revenue
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1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
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FAQ :
The CBDT has notified an income tax exemption for the IBBI under Section 10(46) of the Income-tax Act, 1961.
The exemption covers grants-in-aid, fees and fines collected under the Insolvency and Bankruptcy Code, 2016, and interest income accrued on these.
The notification is applicable for the financial years 2022-2023, 2023-2024, 2024-2025, 2025-2026, and 2026-2027.
Yes, the IBBI must not engage in commercial activity, its activities and income nature must remain unchanged, and it must file its income tax return as per Section 139(4C)(g).
The exemption is granted under clause (46) of Section 10 of the Income-tax Act, 1961.
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