CBDT exempts income of West Bengal State Council of Science & Technology U/S 10(46) of Income Tax Act 1961

CBDT exempts income of West Bengal State Council of Science & Technology

MINISTRY OF FINANCE
(Deparment of Revenue)
(Central Board of Direct Taxes)
Notification Number 50/2018

New Delhi, the 14th September, 2018

S.O. 4864(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, West Bengal State Council of Science & Technology, Kolkata, a society constituted by the Government of West Bengal, in respect of the following specified income arising to that Society, namely:–
(a) Grants received from Central & State Governments;
(b) Course fees from Research Fellow;
(c) Receipts from Sale of Maps & Patent searching report;
(d) Receipts from Sale of plants; and
(e) Interest earned on (a) to (d) above.
2. This notification shall be effective subject to the conditions that West Bengal State Council of Science & Technology, Kolkata,-
(a) shall not engage in any commercial activity;
(b) activities and the nature of the specified income shall remain unchanged throughout the financial years; 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 the assessment years 2016-17, 2017-18 and 2018-19 and shall apply with respect to the assessment years 2019-20 and 2020-21.

[Notification No. 50 /2018/F.No.300196/7/2016-ITA-I]
VINAY SHEEL GAUTAM, Under Secy.

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