CBDT Notifies Specified Income Exemptions for the Credit Guarantee Fund Trust for Animal Husbandry

The Central Board of Direct Taxes (CBDT) under the Ministry of Finance shared a notification on August 22 in powers given by Section 10 of the Income Tax Act, 1961. The Central Government notifies, for the purpose of the said clause, the Credit Guarantee Fund Trust For Animal Husbandry and Dairying.

It is a trusted constitution by the Central Government as a part of the Prime Minister’s Atma Nirbhar Bharat Abhiyan stimulus package by the Department of Animal Husbandry and Dairying, Ministry of Fisheries Animal Husbandry and Dairying, Government of India, in respect of the below-mentioned specified income arising to the Credit Guarantee Fund Trust For Animal Husbandry and Dairying:

• Guarantee Fees from Eligible Lending Institutions (ELI)
• Income from Mutual Funds
• Miscellaneous Income
• Interest income from banks or financial institutions.

This notification will only be effective if the Credit Guarantee Fund Trust For Animal Husbandry and Dairying will:

• Not engage in any commercial activity
• Activities and the nature of the specified income will remain unchanged throughout the financial years and
• Will file a return of income in accordance with the provisions of section 139 (sub-section 4C) of the Income tax Act, 1961.

Note: This notification will be deemed to have been applied for Assessment years 2025-26 relevant for the FY 2024-25 and will be applicable for assessment years 2026-27, 2027-28, 2028-29 and 2029-30 relevant for the financial years 2025-26, 2026-27,2027-28 and 2028-29.

To know complete details, refer to the below-mentioned notification.