National Skill Development Corporation notified under section 10
National Skill Development Corporation notified under clause (46) of section 10 of the Income-tax Act, 1961
S.O. 294(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) Amount received in the form of Government grants.
(b) Amount received in the form of grants for skill development other Government grants;
(c) Long-term or short-term capital gain out of investment in an organisation for skill development;
(d) Dividend and royalty from skill development venture supported or funded by National Skill Development Corporation;
(e) Income from Accreditation Fees, Registration fees, fees from training partners and other cost recovery from its skill development activities;
(f) Administrative & Mobilization fees from the scheme management;
(g) Income from institutions outside India for skilling, Training & Employability;
(h) Interest on loans to Institutions for skill development;
(i) Miscellaneous income, like sale of scrap, Profit on sale of assets, RTI application fees, forfeiture of Bank Guarantee, interest on income tax refund, excess provision written back; and
(j) Interest earned on (a) to (i) above.
- The provisions of 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 returns of income in accordance with the provision of clause (g) of sub-section (4C) section 139 of the Income-tax Act, 1961. - This notification shall be applicable with respect to the financial years 2021-2022, 2022-2023, 2023-2024, 2024-2025 and 2025-2026.
Also Read:
- New Rule 8AD Computation of capital gains for the purposes of sub-section (1B) of section 45 inserted under the Income Tax
- The Securities Transaction Tax (1st Amendment), Rules, 2022
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