CBDT exempts Specified Income of Forum of Regulators from Taxation

The Central Board of Direct Taxes (CBDT) has exempted the specified income of the "Forum of Regulators" from taxation under Section 10(46) of the Income Tax Act. The Forum of Regulators is a key body that brings together the heads of various Indian regulatory agencies like the RBI, SEBI, IRDAI, and PFRDA to coordinate on policy matters and strengthen the country's financial and regulatory framework. The tax exemption is granted to such non-commercial, government-constituted bodies to ensure their smooth functioning. The notification means that the income of the forum, such as grants or contributions from its member organizations, will not be taxed. This allows the forum to use its resources fully for its intended purpose of fostering discussion and cooperation among India's top regulatory bodies, thereby enhancing the overall stability of the financial system.