NOTIFICATION NO. SO 2279(E) [NO.68/2017 (F.NO.300196/01/2017-ITA-I)], DATED 20-7-2017

SECTION 10(46) OF THE INCOME-TAX ACT, 1961 – EXEMPTIONS – STATUTORY BODY/AUTHORITY/BOARD/COMMISSION – NOTIFIED BODY OR AUTHORITY

NOTIFICATION NO. SO 2279(E) [NO.68/2017 (F.NO.300196/01/2017-ITA-I)]DATED 20-7-2017

In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘National Biodiversity Authority’, Chennai, an authority established under the Biological Diversity Act, 2002 (18 of 2003), in respect of the following specified income arising to that Authority, namely:—

(a) amount received in the form of Grant-in-aid from Government of India;
(b) benefit sharing fee and royalty received;
(c) amount received in form of Application fee;
(d) amount received in form of Interest; and
(e) amount received in form of Penalty.

2. This notification shall be effective subject to the conditions that National Biodiversity Authority, Chennai,—

(a) shall not engage in any commercial activity;
(b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and
(c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

3. This notification shall be deemed to have been applied for the financial year 2016-2017 and shall apply with respect to the financial years 2017-2018, 2018-2019, 2019-2020 and 2020-2021.