Notification No. 73/2020 [F. No. 300196/36/2017-ITA-I] / SO 3088(E)

Last updated: 12 September 2020

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This notification from the Ministry of Finance grants tax exemption to District Mineral Foundation Trusts (DMF Trusts). It specifies various types of income, including contributions from leaseholders, late payment interest, penalties, and interest on funds, that are eligible for this exemption. The notification is effective from assessment years 2018-2019 onwards, subject to certain conditions.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 10th September, 2020 S.O. 3088(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, District Mineral Foundation Trust as specified in the schedule to this notification, constituted by Government in exercise of powers conferred under section 9(B)

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1 Year PLAN

1999

(Excl. of GST ₹359)

BEST VALUE

2 Years PLAN

3499

(Excl. of GST ₹629)

3 Months PLAN

999

(Excl. of GST ₹179)

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FAQ :

The Central Government is notifying 'District Mineral Foundation Trust' as a 'class of Authority' for the purposes of clause (46) of section 10 of the Income-tax Act, 1961, granting it certain tax exemptions.

The specified income includes contributions by leaseholders, interest received for late payments, penalties charged to leaseholders, interest on DMF funds, interest on savings bank accounts, and interest on excess funds invested in term deposits.

DMF Trusts must not engage in commercial activity, their activities and income nature must remain unchanged, and they must file their income tax return and an audit report with a chartered accountant's certificate confirming compliance.

This notification is deemed to have been applied for assessment years 2018-2019 and 2019-2020, and will apply for assessment years 2020-2021, 2021-2022, and 2022-2023.