Section 10(46) of the Income-tax Act, 1961 – Central Government notifies National Skill Development Corporation, a body constituted by Central Government, in respect of the following specified income arising to that Corporation - 71/2016 - Income Tax

Superseded vide NOTIFICATION NO. 51/2019 dated 04-07-2019 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 71/2016 New Delhi, the 17th August, 2016. S.O. 2726(E). -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 Skill Development Corporation, a body constituted by Central Government, in respect of the following specified income arising to that Corporation, namely:- (a) long-term capital gain out of investment in an organisation for skill development; (b) dividend and royalty from skill development venture supported or funded by National Skill Development Corporation; (c) interest on loans to Institutions for skill development; (d) interest earned on fixed deposits with banks; and (e) amount received in the form of Government grants. 2. This notification shall be effective subject to the conditions that National Skill Development Corporation,- (a) shall not engage in any commercial activity; (b) activities and the nature of the specified income 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) section 139 of the Income-tax Act, 1961. 3. This notification shall be deemed to have been apply with respect to the Financial Years 2016-17, 2017-18, 2018-19, 2019-20 and 2020-21. [ F. No. 196/39/2015-ITA-I] DEEPSHIKHA SHARMA, Director