New Delhi: The Finance Ministry has exempted the Central Board of Secondary Education (CBSE) from paying income tax on earnings from examination fees, sale of text books and publications, besides others.
The I-T exemption has been given retrospectively from the financial year 2020-2021 (for the period from June 1, 2020 to March 31, 2021) and for fiscal year 2021-22, and 2022-23.
The exemption will continue in the current fiscal and the next financial year (2024-25).
In a notification, the Central Board of Direct Taxes (CBDT) said the government has notified the Central Board of Secondary Education, Delhi, a Board constituted by the Central government, under section 10 (46) of the I-T Act and exempted it from paying income tax on specified income.
Such income includes examination fees; affiliation fees; sale of text books & publications; registration fees, sports fees, training fees and other academic receipts. Also, receipts from CBSE projects/programmes; interest on income tax refunds; and interest earned on these specified incomes would be exempted from income tax.
The tax exemption is subject to the condition that CBSE shall not engage in any commercial activity; activities and the nature of the specified income shall remain unchanged throughout the financial years, the CBDT said.