CBDT notifies Exemption to Insolvency and Bankruptcy Board of India:

CBDT notifies Exemption to Insolvency and Bankruptcy Board of India The Central Board of Direct Taxes (CBDT) has notified Income Tax exemption to Insolvency and Bankruptcy Board of India under section 10(46) of the Income Tax Act 1961. The exemption shall be available in respect of Grants-in-aid, fees & fines collected under the Insolvency and Bankruptcy Code, 2016 and interest income accrues on them. The Notification Stated, "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, ‘Insolvency and Bankruptcy Board of India’, New Delhi (PAN AAAGI0193K), a Board established by the Central Government, in respect of the following specified income arising to that Board."

(a) Grants-in-aid received from Central Government;

(b) Fees received under the Insolvency and Bankruptcy Code, 2016 (31 of 2016);

(c) Fines collected under the Insolvency and Bankruptcy Code, 2016 (31 of 2016); and

(d) Interest income accrued on (a), (b) and (c) above.

This notification shall be effective subject to the conditions that Insolvency and Bankruptcy Board of India, New Delhi:-

(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.

This notification shall be applicable with respect to the financial years 2022-2023, 2023-2024, 2024-2025, 2025-2026 and 2026-2027 For Official Notification Download PDF Given Below: