CBDT notifies District Mineral Foundation Trust for Income Tax Exemption under section 10(46) of IT Act

The Central Board of Direct Taxes(CBDT) has notified District Mineral Foundation Trust for Income Tax Exemption under section 10(46) of IT Act via issuing Notification.

The Notification Stated as, “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) of the Mines and Minerals (Development and Regulation) Amendment Act, 2015 (10 of 2015) as a ‘class of Authority’, in respect of specified income arising to that Authority.”

The specified income arising to that Authority are as follows:

(a) Contribution by lease Holder to DMF as per the Mines and Minerals (Contribution to District Mineral Foundation) Rules, 2015;

(b) Interest received from lease holders for late payment;

(c) Any Penalty charged to lease holder;

(d) Income from Interest on fund available under DMF;

(e) Interest received on Saving Bank Accounts; and

(f) Interest received on Excess Fund invested in Term Deposit.

This notification shall be effective subject to the conditions that each of the District Mineral Foundation Trust-

(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.

For Official Notification Download PDF Given Below: