Section 10(46) IT Act Notification in the case of Kerala Cooperative Deposit Guarantee Fund Board

Last updated: 13 June 2024

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The Central Government has issued a notification under Section 10(46) of the Income-tax Act, 1961, to notify the 'Kerala Co-operative Deposit Guarantee Fund Board'. This notification specifies certain incomes of the Board that are exempt from tax, including contributions from the Kerala Government and co-operative societies, as well as interest on bank deposits. The notification is effective subject to conditions that the Board does not engage in commercial activity, its activities remain unchanged, and it files income tax returns as required.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 12th June, 2024

S.O. 2242(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, ‘Kerala Co-operative Deposit Guarantee Fund Board’ (PAN: AANFK3180E), a Board constituted by the Govt. of Kerala, in respect of the following specified income arising to that Board, namely:

a) Contribution received from the Government of Kerala

b) Contribution received from society(ies) as defined in paragraph 2(k) of the Kerala Co‐operative Deposit Guarantee Scheme.

c) Interest on bank deposits

2. This notification shall be effective subject to the conditions that Kerala Co-operative Deposit Guarantee Fund Board-

(a) shall not engage in any commercial activity;

(b) its activities and the nature of the specified income shall remain unchanged throughout the financial year(s); and

(c) shall file 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 deemed to have been applied for assessment years 2019-2020, 2020-2021, 2021-2022, 2022-2023 and 2023-24 relevant for the financial years 2018-2019, 2019-2020, 2020-2021, 2021-2022 and 2022-23 respectively.

[Notification No. 51/2024 F. No. 300196/43/2018-ITA-I]

CASTRO JAYAPRAKASH T., Under Secy

FAQ :

This notification specifies certain incomes of the Kerala Co-operative Deposit Guarantee Fund Board that are exempt from income tax under clause (46) of section 10 of the Income-tax Act, 1961.

The specified incomes include contributions received from the Government of Kerala, contributions from societies as defined in the Kerala Co-operative Deposit Guarantee Scheme, and interest on bank deposits.

The Board must not engage in any commercial activity, its activities and the nature of its specified income must remain unchanged throughout the financial year(s), and it must file its return of income in accordance with the provisions of the Income-tax Act.

This notification is deemed to have been applied for assessment years 2019-2020, 2020-2021, 2021-2022, 2022-2023, and 2023-24.