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of <h1>New CBDT Circular Simplifies Application Process for Income Exemption Under Section 10(46A) of Income-tax Act 1961</h1> The circular issued by the Central Board of Direct Taxes standardizes the process for filing applications under section 10(46A) of the Income-tax Act, 1961. This section, introduced by the Finance Act, 2023, exempts income for certain non-company entities established by Central or State Acts for public benefit purposes. To streamline application processing and avoid delays, applicants must submit their applications with necessary enclosures to the relevant tax authority. The circular includes a checklist and format for application submission, ensuring consistent and complete documentation. The notification details the required information, including legal status, activities, approvals, and financial records.
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