Finance Ministry exempts UIDAI from Payment of Income Tax for 5 Years:

Finance Ministry exempts UIDAI from Payment of Income Tax for 5 Years The Finance Ministry has exempted the income of the Unique Identification Authority of India (UIDAI) from income tax payment for five years, till financial 2027-28. Thus, UIDAI would be exempt from income tax on grants/subsidies received from the central government, fees/subscriptions, including RTI fees, tender fees, scrap sales, PVC cards; authentication, enrolment, and update service charges; term/fixed deposits; and interest on bank deposits earned. The Central Board of Direct Taxes (CBDT), which reports to the Ministry of Finance, issued a notification to this effect. "This notification shall be applicable for the assessment year 2024-2025, 2025-2026, 2026-2027, 2027-2028 and 2028-2029," according to the announcement. UIDAI is a statutory authority founded under the provisions of the Aadhaar Act, 2016, to ensure compliance with the Act and to make regulations and rules in accordance with it. This notification would be effective subject to the following conditions: UIDAI would not participate in any commercial activity; activities and the nature of the stated income would remain consistent across the financial years.