U/s 10(46) of IT Act 1961 - Central Government notifies 'National Skill Development Corporation' in respect of the specified income arising to that body - 10/2022 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 10/2022 New Delhi, the 21st January, 2022 S.O. 294(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, National Skill Development Corporation, a body constituted by Central Government, in respect of the following specified income arising to that Corporation, 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 applicable with respect to the financial years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026. [F.No.300196/21/2021-ITA-I] SOURABH JAIN, Under Secy.