The Bureau of Indian Standards (BIS) notified under section 10 of the Income-tax Act, 1961- Notification
S.O. 1(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, the Bureau of Indian Standards (BIS)(PAN:AAATB0431G), set up by the Bureau of Indian Standards Act, 1986 (63 of 1986) in respect of the following specified income arising to that Bureau, namely:-
(i) Certification fee;
(ii) Sale of standards, provided there is no profit involved; and
(iii) Income from interest;
- This notification shall be effective subject to the following conditions, namely:-
(a) the Bureau of Indian Standards (BIS) does not engage in any commercial activity;
(b) the activities and the nature of the specified income of the Bureau of Indian Standards (BIS) remain unchanged throughout the financial years; and
(c) the Bureau of Indian Standards (BIS) files return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961. - This notification shall be applicable for the Assessment Years 2021-22, 2022-23, 2023-24, 2024-25 and 2025-26.
Explanatory Memorandum:
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
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