CBSE exempted from paying Income Tax w.e.f. FY 21 till FY 25 by Finance Ministry:

CBSE exempted from paying Income Tax w.e.f. FY 21 till FY 25 by Finance Ministry The Finance Ministry has exempted the Central Board of Secondary Education (CBSE) from paying income tax on earnings from examination fees, the sale of text books, and publications, among other things. The Income Tax Exemption was granted retroactively for the financial years 2020-2021 (from June 1, 2020 to March 31, 2021), as well as financial years 2021-22 and 2022-23. The exemption will be extended for the current financial year and the following financial year (2024-25). The Central Board of Direct Taxes (CBDT) stated in a notification that the government has notified the Central Board of Secondary Education, Delhi, a Board created by the Central government, under section 10 (46) of the Income Tax Act and exempted it from paying income tax on specified income. Examination fees, affiliation fees, sales of text books and publications, registration fees, sports fees, training costs, and other academic revenues are examples of such income. Receipts from CBSE projects/programs, interest on income tax refunds, and interest gained on this defined revenue would also be exempt from income tax. The tax exemption is conditional on CBSE not engaging in any commercial activity; activities and the nature of the specified income must stay constant throughout the financial year, according to the CBDT. Om Rajpurohit, Joint Partner (Corporate & International Tax) at AMRG & Associates, stated that "given that the current notification is provided for a limited period beginning retroactively from June 1, 2020 to FY 2024-25, the CBSE may file an application to the CBDT for special permission to revise earlier years' income tax returns and claim a refund for taxes paid on specified income, as the time period for revision of returns has already expired." For Official Notification Download PDF Given Below: