The Central Board of Direct Taxes (CBDT) on January 05, 2024, issued a notification for the purposes of the ‘Karmayogi Bharat’ (PAN: AAJCK2949L) a Company incorporated under Section 8 of the Companies Act, 2013 with 100% equity shared owned by the President of India i.e. Government of India, in respect of the certain specified income arising to that Company.
The following are the specified income arising to the Company namely: -
• Grants/subsidies received from the Government/Government bodies
• Subscription Charges/Fees, Assessment fees, Onboarding fees
• Receipts from the sale of forms, materials, disposal of scrap, and tender fee
• Interest earned from Banks and Government Securities and Bonds
This notification shall be effective subject to the conditions that Karmayogi Bharat namely: -
• Shall not engage in any commercial activity
• Activities and the nature of the specified income shall remain unchanged throughout the financial years
• 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 assessment years 2024-2025, 2025-2026, 2026-2027, 2027-2028 and 2028-2029 relevant for the financial years 2023-2024, 2024-2025, 2025-2026, 2026-2027 and 2027-2028 respectively.
[Notification No. 79(E)]
