New Delhi: The Central Board of Secondary Education (CBSE) has been exempted from paying income tax on earnings from sale of examination fees, textbooks and publications, among other things, by the finance ministry. The exemption will be effective in this financial year and the next financial year (2024-25).
According to news agency PTI, the income tax exemption has been given retrospectively for the financial years 2020-2021 (for the period June 1, 2020 to March 31, 2021), as well as 2021-22, and 2022-23. , ,Also read: ICICI Bank launches EMI facility for UPI: Here’s what it means and how to use it,
Examination fees, affiliation fees, sale of textbooks and publications, registration fees, sports fees, training costs and other academic receipts are some examples of this type of income. ,ALSO READ: HDFC cuts MCLR for select tenors; EMI will decrease – Check revised loan rates,
In addition, income tax exemption will be applicable on interest earned on these specified types of income, interest on income tax refunds, and receipts from CBSE initiatives and programmes.
The Central Board of Direct Taxes (CBDT) said in a notification that the government has authorized the Central Board of Secondary Education, Delhi, a board created by the central government, to pay income-tax on certain incomes as per section 10(46) of section 10(4). was exempted from IT Act.
The CBDT said that the tax exemption is dependent on the CBSE not engaging in any commercial activity and the activities and the nature of the specified income remain constant during the financial years.
“Considering that the present notification provides for a limited period starting from 1st June, 2020 retrospectively to the financial year 2024-25, the CBSE has decided to revise the income tax returns of previous years and claim refund may file an application to the CBDT for permission.”For taxes paid on specified income, as the time period for revision of returns has already passed,” Om Rajpurohit, joint partner (corporate and international tax), AMRG & Associates, told PTI. It’s over.”