New LODR Fifth Amendment reshapes related party transaction rules, disclosure duties, and non-convertible security communication timelines under Sched...
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The Central Government, exercising powers under section 10(46) of the Income-tax Act, 1961, grants tax exemption on specified income of a state technical education board in Haryana constituted by the state government. Exempt income includes government grants, various fees (affiliation, examination, migration, transcription), royalties, penalties, donations, endowments, sale proceeds of securities, rental income from vested property, and interest on bank deposits. The exemption is conditional on the board not engaging in commercial activities, maintaining the same nature of activities and income, and filing returns under section 139(4C)(g). The notification applies retrospectively from AY 2025-26 through AY 2029-30, with confirmation of no adverse effect.
The Central Government, exercising powers under section 10(46) of the Income-tax Act, 1961, grants tax exemption on specified income of a state technical education board in Haryana constituted by the state government. Exempt income includes government grants, various fees (affiliation, examination, migration, transcription), royalties, penalties, donations, endowments, sale proceeds of securities, rental income from vested property, and interest on bank deposits. The exemption is conditional on the board not engaging in commercial activities, maintaining the same nature of activities and income, and filing returns under section 139(4C)(g). The notification applies retrospectively from AY 2025-26 through AY 2029-30, with confirmation of no adverse effect.
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