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of <h1>Central Govt Exempts Odisha's District Mineral Foundation Trusts' Income from Taxation u/s 10(46) Until 2027-2028.</h1> The Central Government has issued Notification No. 66/2023, under clause (46) of section 10 of the Income-tax Act, 1961, exempting specified income of the 'District Mineral Foundation Trust' from taxation. The exempted income includes contributions from leaseholders, interest from late payments, penalties, interest on funds, and savings or term deposits. The exemption applies from the assessment year 2023-2024 to 2027-2028, provided the Trusts do not engage in commercial activities, maintain the nature of income, and file returns as per section 139. The notification lists several Trusts in Odisha eligible for this exemption.
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