CBDT Notifies Income Tax Exemption for Central Silk Board, Bengaluru
By: Admin
Date: December 25, 2024
Category: CBDT Notification | Notification and Circular
Reading Time: 4 Minutes
The Central Board of Direct Taxes (CBDT), through Notification No. 129 dated December 24, 2024, has granted an income tax exemption to the Central Silk Board, Bengaluru, under Section 10(46A)(b) of the Income-tax Act, 1961.
This exemption highlights the government’s commitment to promoting organizations engaged in activities of national importance, such as the development and promotion of sericulture in India.
What Does the Exemption Mean?
Under Section 10(46A)(b) of the Income-tax Act:
The Central Silk Board, Bengaluru, will not be required to pay income tax on specified incomes.
This exemption is provided for incomes earned from activities aligned with its mandate of sericulture promotion.
Why Is This Important?
The Central Silk Board plays a crucial role in developing India’s silk industry, fostering research, and supporting silk farmers across the country. This exemption will enable the board to allocate more resources toward its mission of improving silk production and supporting rural livelihoods.
For more details, refer to Notification No. 129/2024 issued by the CBDT.
