Exemption from specified income U/s 10(46) of IT Act 1961 – 'Society for Applied Microwave Electronics Engineering & Research (SAMEER), Mumbai' - 96/2024 - Income Tax Act, 1961
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Exemption from specified income: SAMEER eligible for tax relief on defined receipts subject to non commercial and filing conditions. Exemption under clause (46) of section 10 is notified for SAMEER, Mumbai, limited to specified income streams: government grants; fees for test, measurement and consultancy; design and development charges in RF/microwave and allied areas; royalty and technology transfer receipts; miscellaneous income per its Memorandum of Association; and interest on bank deposits. The exemption is subject to conditions that the Society shall not undertake commercial activity, shall maintain unchanged activities and specified income across the financial year(s), and shall comply with the prescribed return-filing requirement. The notification is given retrospective effect for specified assessment years.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Exemption from specified income: SAMEER eligible for tax relief on defined receipts subject to non commercial and filing conditions.
Exemption under clause (46) of section 10 is notified for SAMEER, Mumbai, limited to specified income streams: government grants; fees for test, measurement and consultancy; design and development charges in RF/microwave and allied areas; royalty and technology transfer receipts; miscellaneous income per its Memorandum of Association; and interest on bank deposits. The exemption is subject to conditions that the Society shall not undertake commercial activity, shall maintain unchanged activities and specified income across the financial year(s), and shall comply with the prescribed return-filing requirement. The notification is given retrospective effect for specified assessment years.
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