Central Government notifies ‘Insolvency and Bankruptcy Board of India’, New Delhi, a board established by the Central Government,in respect of the specified income arising to that board - 38/2018 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (Cental Board of Direct Taxes) NOTIFICATION NO. 38/2018 New Delhi, the 10th August, 2018 S.O. 3959(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, Insolvency and Bankruptcy Board of India , New Delhi, a board established by the Central Government, in respect of the following specified income arising to that board, namely:- (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. 2. 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. 3. This notification shall be deemed to have been applied for the financial year 2017-2018 and shall apply with respect to the financial years 2018-2019, 2019-2020, 2020-2021 and 2021-2022. [F. No. 300196/42/2017-ITA-I] VINAY SHEEL GAUTAM, Under Secy. Explanatory Memorandum: It is certified that no person is being adversely affected by giving retrospective effect to this notification.