SECTION 10(46) OF THE INCOME-TAX ACT, 1961 – EXEMPTIONS – STATUTORY BODY/AUTHORITY/BOARD/COMMISSION – NOTIFIED BODY OR AUTHORITY – NORTH EAST CENTRE FOR TECHNOLOGY APPLICATION AND REACH
NOTIFICATION NO. 84/2014 [F.NO.196/11/2014-ITA.I] / SO 3263(E), DATED 23-12-2014
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, the ‘North East Centre for Technology Application and Reach’, a body constituted by the Central Government , in respect of the following specified income arising to the said body, namely :-
|(i)||grants in aid;|
|(ii)||interest earned on grants-in-aid.|
2. This notification shall be applicable for the above specified income of the ‘North East Centre for Technology Application and Reach’, for the assessment years 2013-14 to 2017-18.
3. The notification shall be subject to the following conditions, namely:-
|(a)||the said body shall not engage in any commercial activity;|
|(b)||the activities and the nature of the specified income of the said body remain unchanged throughout the financial year ; and|
|(c)||the said body files return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the said Act.|
4. The grants received by the said body shall be received and applied in accordance with the prevailing rules and regulations.