Exemption to specified income in the hands of National Skill Development Corporation u/s 10(46) - 51/2019 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 51/2019 New Delhi, the 4th July, 2019 S.O. 2377(E). -In supersession of Gazette Notification No.2726(E) dated 17.08.2016 , the Central Government in exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961(43 of 1961) , hereby notifies for the purposes of the said clause, National Skill Development Corporation (PAN AACCN8680L), a body constituted by the Central Government, in respect of the following specified income arising to that body, namely:- (a) Amount received in the form of Government grants. (b) Amount received in the form of grants for skill development other Government grants; (c) Long-term or short-term capital gain out of investment in an organisation for skill development; (d) Dividend and royalty from skill development venture supported or funded by National Skill Development Corporation; (e) Income from Accreditation Fees, Registration fees, fees from training partners and other cost recovery from its skill development activities; (f) Administrative Mobilization fees from the scheme management; (g) Income from institutions outside India for skilling, Training Employability; (h) Interest on loans to Institutions for skill development; (i) Miscellaneous income, like sale of scrap, Profit on sale of assets, RTI application fees, forfeiture of Bank Guarantee, interest on income tax refund, excess provision written back; and (j) Interest earned on (a) to (i) above. 2. The provisions of this notification shall be effective subject to the conditions that National Skill Development Corporation,- (a) shall not engage in any commercial activity; (b) activities and the nature of the specified income remain unchanged throughout the financial years; and (c) shall file returns of income in accordance with the provision of clause (g) of sub-section (4C) section 139 of the Income-tax Act, 1961. 3. This notification shall be deemed to have been applied for the assessment year 2017-2018, 2018-2019, 2019-2020 and shall apply with respect to the assessment years 2020-2021 and 2021-2022. [F.No.196/39/2015-ITA-I] RAJARAJESWARI R., Under Secy. Explanatory Memorandum : It is certified that no person is being adversely affected by giving retrospective effect to this notification.