The Central Board of Direct Taxes (CBDT) has notified the Kerala Cooperative Development & Welfare Fund Board on Thursday eligible for Income Tax exemption under Section 10(46) of the Income Tax Act, 1961 for five Assessment Years 2019-20 to 2023-24.
The Kerala Cooperative Development & Welfare Fund Board is constituted by the Government of Kerala, in respect of the Membership Fees; Annual Renewal Fees; Risk Fund Contribution and Assistance; and Interest earned on Membership Fees, Annual Renewal Fees and Contribution and Assistance specified income arising to the Board.
The notification shall be effective subject to the conditions that Kerala Cooperative Development and Welfare Fund Board shall not engage in any commercial activity; activities and the nature of the specified income shall remain unchanged throughout the financial years; shall file a return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961; and shall file the audit report along with return, duly verified by the accountant as provided in explanation to Section 288(2) of the Income Tax Act, 1961 along with a certificate from the chartered accountant that the above conditions are satisfied.
“The notification shall apply with respect to the assessment years 2019-2020, 2020-2021, 2021-2022, 2022-2023 and 2023-2024,” the notification said.
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