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<h1>Govt Grants Tax Exemption to District Mineral Foundation Trusts u/s 10(46) of Income-tax Act 1961.</h1> The Central Government, under Section 10(46) of the Income-tax Act, 1961, has notified the 'District Mineral Foundation Trust' as a specified authority for tax exemption on certain incomes. These incomes include contributions from leaseholders, interest from late payments, penalties, and interest from funds and savings. The notification applies to specified financial years and mandates that each trust must not engage in commercial activities, maintain the nature of income, and file income returns and audit reports. The notification covers trusts across various states in India, ensuring compliance with specified conditions for tax exemption.