U/s 10(46) of IT Act 1961 - Central Government notifies ‘Bureau of Indian Standards’ in respect of the specified income arising to that Bureau. - 142/2021 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 142/2021 New Delhi, the 31st December, 2021 S.O. 1(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 Bureau of Indian Standards (BIS)(PAN:AAATB0431G), set up by the Bureau of Indian Standards Act, 1986 (63 of 1986) in respect of the following specified income arising to that Bureau, namely:- (i) Certification fee; (ii) Sale of standards, provided there is no profit involved; and (iii) Income from interest; 2. This notification shall be effective subject to the following conditions, namely:- (a) the Bureau of Indian Standards (BIS) does not engage in any commercial activity; (b) the activities and the nature of the specified income of the Bureau of Indian Standards (BIS) remain unchanged throughout the financial years; and (c) the Bureau of Indian Standards (BIS) files 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 applicable for the 1 [ Financial ] Years 2021-22, 2022-23, 2023-24, 2024-25 and 2025-26. [F. No. 300196/4/2021-ITA-I] VIKAS SINGH, Director Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification. *************** NOTES:- 1. Corrected vide NOTIFICATION NO. 4 /2022 dated 13-01-2022 before it was read as Assessment