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of <h1>Income Tax Exemption Under Section 10(46) for Council's Specified Income from 2024-2029</h1> The Central Government exempts a specified council established by it from income tax under section 10(46) of the Income-tax Act, 1961, for certain types of income including government grants, regulatory charges, examination fees, interest on bank deposits, and miscellaneous receipts. The exemption is conditional upon the council not engaging in commercial activities, maintaining the nature of specified income unchanged, and filing income tax returns as prescribed. This notification applies retrospectively from assessment years 2024-2025 to 2025-2026 and prospectively up to assessment year 2028-2029. It is certified that no party is adversely affected by the retrospective application.
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