Notification No. 103/2021-Income Tax | Dated: 10th September, 2021

Last updated: 13 September 2021

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This notification from the Ministry of Finance designates 'District Mineral Foundation Trust' as a specified 'class of Authority' for income tax exemption purposes under Section 10(46) of the Income-tax Act, 1961. This exemption applies to specific incomes such as contributions, late payment interest, penalties, and interest earned on funds. The notification is effective from the financial year 2017-2018 and outlines conditions for the trusts to maintain their tax-exempt status, including not engaging in commercial activities and filing necessary returns and audit reports.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 10th September, 2021 S.O. 3659(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 th

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FAQ :

The notification designates 'District Mineral Foundation Trust' as a specified 'class of Authority' for income tax exemption under Section 10(46) of the Income-tax Act, 1961.

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

The trusts must not engage in any commercial activity, their activities and income nature must remain unchanged, and they must file income tax returns and audit reports as per the Income-tax Act.

This notification is deemed to have been applied for the financial years 2017-2018, 2018-2019, 2019-2020, and 2020-2021, and applies to the financial year 2021-2022.

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

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Notification No : 103/2021-Income Tax
Published in Income Tax
Source : https://incometaxindia.gov.in/communications/notification/notification-103-2021.pdf

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