NOTIFICATION NO. 06/2015, NOTIFICATION NO. 07/2015 & NOTIFICATION NO. 08/2015

The CBDT vide Notification No. 06/2015 dated 20th January 2015 hereby provides that the Central Govt. has notified for the purposes of clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961) ‘Gujarat State Council for Blood Transfusion’, a trust constituted by the Government of Gujarat in respect of the following specified income arising to the said trust, namely :-

a) grants from Government of Gujarat and the Government of India;

b) donations; and

c) income arising or by way of interest.

This notification shall be applicable for the financial years 2013-14 to 2017-18.

The CBDT vide Notification No. 07/2015 dated 20th January 2015 hereby provides that the Central Govt. has also notified ‘Karnataka Livestoc Development Agency’, a body constituted by the Government of Karnataka, for section  10(46) in respect of the following specified income arising to the said body, as follows:-

a) amount received in the form of grants-in-aid from Government of India; and

b) income arising out or derived from interest on grantsin- aid.

This notification shall be applicable for the financial years 2012-13 to 2016-17.

The CBDT vide Notification No. 08/2015 dated 20th January 2015 hereby provides that the Central Govt. has also notified “National Council of Science Museums”an autonomous body under the Ministry of Culture, Government of India for section 10(46) in respect of the following specified income arising to the said body, as follows:-

a) amount received in the form of grants-in-aid and subsidies from Government of India;

b) fees or subscription by sale of tickets;

c) charges for maintenance recovered for use of  auditorium and other public facilities for scientific and educational purposes; and

d) income arising or derived by way of interest received from investment.

This notification shall be applicable for the financial years 2012-13 to 2016-17.

However, all of them should file their return of income in accordance with the provision of 139 (4C) (g) of the Income Tax Act, and the activities and the nature of the specified income derived shall remain unchanged throughout the financial years.

Section 80C(2)(viii) deals with subscription to any such security of the Central Government or any such deposit scheme as that Government may, by notification in the Official Gazette specify. The same qualifies for deduction from while calculating the taxable income of any Individual or HUF assessee.

Please refer the attached file.

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