The I-T exemption has been given retrospectively from the monetary yr 2020-2021 (for the interval from June 1, 2020 to March 31, 2021) and for fiscal yr 2021-22, and 2022-23.
The exemption will proceed within the present fiscal and the subsequent monetary yr (2024-25).
The Finance Ministry has exempted the Central Board of Secondary Education (CBSE) from paying revenue tax on earnings from examination charges, sale of textual content books and publications, apart from others. The exemption will proceed within the present fiscal and the subsequent monetary yr (2024-25).
The revenue tax exemption has been given retrospectively from the monetary yr 2020-2021 (for the interval from June 1, 2020 to March 31, 2021) and for fiscal yr 2021-22, and 2022-23, information company PTI reported.
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Such revenue embrace examination charges; affiliation charges; sale of textual content books & publications; registration charges, sports activities charges, coaching charges and different tutorial receipts.
Also, receipts from CBSE tasks/programmes; curiosity on revenue tax refunds; and curiosity earned on these specified revenue could be exempted from revenue tax.
In a notification, the Central Board of Direct Taxes (CBDT) stated the federal government has notified the Central Board of Secondary Education, Delhi, a Board constituted by the Central authorities, underneath part 10 (46) of the I-T Act and exempted it from paying revenue tax on specified revenue.
Conditions
The tax exemption is topic to the situation that CBSE shall not interact in any industrial exercise; actions and the character of the required revenue shall stay unchanged all through the monetary years, the CBDT stated.
Om Rajpurohit, joint accomplice (company & worldwide tax), AMRG & Associates, instructed PTI, “Given that the present notification has been supplied for a restricted interval starting retroactively from June 1, 2020 to FY 2024-25, the CBSE could file an utility to the CBDT for particular permission to revise earlier years’ revenue tax returns and declare a refund for taxes paid on specified revenue, because the time interval for revision of returns has already expired.”
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