CBDT - Bureau of Indian Standards

Last updated: 03 January 2022

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The Central Board of Direct Taxes (CBDT) has issued a notification granting income tax exemption to the Bureau of Indian Standards (BIS). This exemption applies to specific income sources, including certification fees, sale of standards (without profit), and interest income. The notification is effective for Assessment Years 2021-22 through 2025-26, provided BIS adheres to certain conditions.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
New Delhi

Notification No. 142/2021-Income Tax

Dated: 31st December, 2021

S.O. 1(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, the Bureau of Indian Standards (BIS)(PAN:AAATB0431G), set up by the Bureau of Indian Standards Act, 1986 (63 of 1986) in respect of the following specified income arising to that Bureau, namely:-

(i) Certification fee;

(ii) Sale of standards, provided there is no profit involved; and

(iii) Income from interest;

2. This notification shall be effective subject to the following conditions, namely:-

(a) the Bureau of Indian Standards (BIS) does not engage in any commercial activity;

(b) the activities and the nature of the specified income of the Bureau of Indian Standards (BIS) remain unchanged throughout the financial years; and

(c) the Bureau of Indian Standards (BIS) files 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 for the Assessment Years 2021-22, 2022-23, 2023-24, 2024-25 and 2025-26.

[Notification No. 142 /2021/F. No. 300196/4/2021-ITA-I]

VIKAS SINGH, Director

Explanatory Memorandum

It is certified that no person is being adversely affected by giving retrospective effect to this notification.

FAQ :

The purpose of this notification is to inform that the Bureau of Indian Standards (BIS) is notified for income tax exemption under clause (46) of section 10 of the Income-tax Act, 1961.

The exemption covers certification fees, income from the sale of standards where no profit is involved, and income from interest.

BIS must not engage in any commercial activity, its activities and income nature must remain unchanged, and it must file its income tax return as per the Income-tax Act.

This notification is applicable for the Assessment Years 2021-22, 2022-23, 2023-24, 2024-25, and 2025-26.

The explanatory memorandum certifies that no person is being adversely affected by giving retrospective effect to this notification.