U/s 10(46) of the Income-tax Act, 1961 Central Government notifies Assam State Biodiversity Board, a board established by the Government of Assam in respect of the specified income arising to that board - 69/2017 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 69/2017 New Delhi, the 20th July, 2017 S.O. 2280(E).- 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, the Assam State Biodiversity Board, a board established by the Government of Assam, in respect of the following specified income arising to that board, namely:- (a) Grants received by the Board from Assam State Government and from National Biodiversity Authority; (b) fee received by the Board for granting access to biological resources by applicants; (c) fee/ Consultancy charges received from organizations for carrying out field studies/research works; (d) interest earned on the Grants in aid provided to the Board by National Biodiversity Authority and Government of Assam; and (e) interest earned from Term deposits with bank. 2. This notification shall be effective subject to the conditions that Assam State Biodiversity Board,- (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. 3. This notification shall be deemed to have been applied for the financial Years 2015-16, 2016-17 and shall apply with respect to financial years 2017-18, 2018-19 and 2019-20. [F. No. 300196/1/2016-ITA-I] DEEPSHIKHA SHARMA, Director Explanatory Memorandum : It is certified that no person is being adversely affected by giving retrospective effect to this notification.