Notification No. 46/2020 [F.No.300196/07/2020-ITA-I] / SO 2326(E)

Last updated: 16 July 2020

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The Central Government has officially notified the 'National Aviation Security Fee Trust' under the Income-Tax Act, 1961. This notification specifies the types of income received by the trust that are eligible for exemption, including grants, aviation security fees, passenger service fee components, and interest earned on investments, provided these are used for the trust's objectives. The notification is effective for assessment years 2020-2021 through 2024-2025, subject to certain conditions.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 13th July, 2020 S.O. 2326(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 :

The National Aviation Security Fee Trust is a trust established by the Central Government to manage specific income related to aviation security.

The specified income includes grants or subsidies approved by the Ministry of Civil Aviation, aviation security fees collected, passenger service fee components transferred from escrow accounts, and interest/dividends earned on investments used for the trust's objectives.

The trust must not engage in commercial activity, its activities and income nature must remain unchanged, and it must file its income tax return and an audit report as per the Income-tax Act.

This notification applies to the assessment years 2020-2021, 2021-2022, 2022-2023, 2023-2024, and 2024-2025.

Grants or subsidies are approved by/under the directions of the Ministry of Civil Aviation, Government of India. Aviation security fees and passenger service fee components are collected as per orders of the Ministry of Civil Aviation.