Notification No. 26/2020 [F.No.300196/9/2019-ITA-I] / SO 1563(E)

Last updated: 23 May 2020

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The Central Board of Direct Taxes has issued a notification granting tax exemption to the Kerala Cooperative Development and Welfare Fund Board. This exemption applies to specific income sources like membership fees, renewal fees, risk fund contributions, and interest earned. The notification is effective for assessment years 2019-2020 through 2023-2024, provided certain conditions regarding commercial activity, income nature, and filing of tax returns are met.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 21st May, 2020 S.O. 1563(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

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FAQ :

This notification notifies that the Kerala Cooperative Development and Welfare Fund Board is exempt from certain income taxes under the Income-tax Act, 1961.

The exemption covers Membership Fees, Annual Renewal Fees, Risk Fund Contribution and Assistance, and interest earned on these amounts.

The Board must not engage in commercial activity, its activities and income nature must remain unchanged, and it must file income tax returns and audit reports as specified.

This notification applies to the assessment years 2019-2020, 2020-2021, 2021-2022, 2022-2023, and 2023-2024.

The notification was issued by the Ministry of Finance, Department of Revenue (Central Board of Direct Taxes).