Exemption from specified income U/s 10(46) – Notifies ‘District Mineral Foundation Trust’ - 66/2023 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 66/2023 New Delhi, the 23rd August, 2023 S.O. 3776(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, District Mineral Foundation Trust as specified in the schedule to this notification, constituted by Government in exercise of powers conferred under section 9(B) of the Mines and Minerals (Development and Regulation) Amendment Act, 2015 (10 of 2015) as a class of Authority , in respect of the following specified income arising to that Authority, namely :- (a) Contribution by lease Holder to DMF as per the Mines and Minerals (Contribution to District Mineral Foundation) Rules, 2015; (b) Interest received from lease holders for late payment; (c) Any Penalty charged to lease holder; (d) Income from Interest on fund available under DMF; (e) Interest received on Saving Bank Accounts; and (f) Interest received on Excess Fund invested in Term Deposit. 2. This notification shall be effective subject to the conditions that each of the District Mineral Foundation Trust- (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 assessment year 2023-2024 to 2027-2028 relevant to financial year 2022-2023 to 2026-2027 in respect of Trusts mentioned in column (2) of the below mentioned schedule. SCHEDULE S.No. Name of DMF Trust State PAN (1) (2) (3) (4) 1. Angul District Mineral Foundation Odisha AAALD1844M 2. District Mineral Foundation Trust, Jajpur Odisha AADTD2632E 3. District Mineral Foundation, Jharsuguda Odisha AADTD1294Q 4. District Mineral Foundation, Keonjhar Odisha AAAGD2339C 5. District Mineral Foundation, Koraput Odisha AAPFD8437K 6. District Mineral Foundation, Sundargarh Odisha AADTD0841P 7. District Mineral Foundation Trust, Sambalpur Odisha AADTD5287H 8. District Mineral Foundation Trust, Dhenkanal Odisha AADTD5665R 9. District Mineral Foundation Trust, Mayurbhanj Odisha AAGTM8219H 10. District Mineral Foundation Trust, Rayagada Odisha AADTD5522D 11. District Mineral Foundation Trust, Nuapada Odisha AADTD6189J 12. District Mineral Foundation Trust, Puri Odisha AADTD6294Q [F. No. 300196/36/2017-ITA-I(Pt.I)] VIKAS SINGH, Director, ITA-I Explanatory Memorandum It is certified that no person is being adversely affected by giving retrospective effect to this notification.