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Exemption of section 10(46) in national skill development corporation

Income tax department has issued a notification about section 10(46) of income tax act exemption on National skill development corporation. Income tax department issued notification no. 11/2012 dated 28-02-2012 about this issue. Full notification is as under.

NOTIFICATION NO. 11/2012 [F.NO.142/15/2011-SO (TPL)]/S.O. 343(E), DATED 28-2-2012

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 National Skill Development Corporation, a body constituted by the Central Government, in respect of the specified income arising to the said Corporation , as follows:-

(a)  long-term or short-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 applicable for the specified income of the National Skill Development Corporation for the financial year 2011-12 to financial year 2015-16.
3. This notification shall be effective where-
(i)  the activities and the nature of the specified income of the National Skill Development Corporation remain unchanged throughout the financial year; and
(ii)  the National Skill Development Corporation files return of income in accordance with clause (g) of sub-section (4C) section 139 of the Act.

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