The Central Board of Direct Taxes (CBDT) on August 01, 2023, issued a notification for the purposes of the ‘District Mineral Foundation Trust’ established in respect of the specified income arising by GoI.
The following are the specified income arising to the Authority namely: -
• Contribution by lease Holder to DMF as per the Mines and Minerals (Contribution to District Mineral Foundation) Rules, 2015;
• Interest received from lease holders for late payment;
• Any Penalty charged to lease holder;
• Income from Interest on fund available under DMF;
• Interest received on Saving Bank Accounts; and
• Interest received on Excess Fund invested in Term Deposit.
This notification shall be effective subject to the conditions that each of the District Mineral Foundation Trust-
• shall not engage in any commercial activity;
• activities and the nature of the specified income shall remain unchanged throughout the financial years; and
• shall file a 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 deemed to have been applied for the assessment year 2023-2024 to 2027-2028.
[Notification No. S.O. 3776(E)]
