MINISTRY OF FINANCE
(Department of Revenue)
(Cental Board of Direct Taxes)
NOTIFICATION
New Delhi, the 10th August, 2018
S.O. 3959(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, ‘Insolvency and Bankruptcy Board of India’, New Delhi, a board established by the Central Government, in respectP of the following specified income arising to that board, namely:-
(a) Grants-in-aid received from Central Government;
(b) Fees received under the Insolvency and Bankruptcy Code, 2016 (31 of 2016);
(c) Fines collected under the Insolvency and Bankruptcy Code, 2016 (31 of 2016); and
(d) Interest income accrued on (a), (b) and (c) above.
2. This notification shall be effective subject to the conditions that Insolvency and Bankruptcy Board of India, New Delhi-
(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 financial year 2017-2018 and shall apply with respect to the financial years 2018-2019, 2019-2020, 2020-2021 and 2021-2022.