U/s 10(46) of IT Act 1961 - Central Government notifies ‘Kerala Cooperative Development and Welfare Fund Board’ a Board constituted by the Government of Kerala in respect of the specified income arising to that Board - 26/2020 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 26/2020 New Delhi, the 21st May, 2020 S.O. 1563(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, Kerala Cooperative Development and Welfare Fund Board , Trivandrum (PAN AACTT3875A), a Board constituted by the Government of Kerala, in respect of the following specified income arising to that Board, namely:- (a) Membership Fees; (b) Annual Renewal Fees; (c) Risk Fund Contribution and Assistance; and (d) Interest earned on (a) to (c) above. 2. This notification shall be effective subject to the conditions that Kerala Cooperative Development and Welfare Fund 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; (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 ; and (d) shall file the audit report along with return, duly verified by the accountant as provided in explanation to section 288(2) of the Income-tax Act, 1961 along with a certificate from the chartered accountant that the above conditions are satisfied. 3. This notification shall apply with respect to the assessment years 2019-2020, 2020-2021, 2021-2022, 2022-2023 and 2023-2024. [F.No.300196/9/2019-ITA-I] PRAJNA PARAMITA, Director