CBDT Grants Retrospective Tax Exemption to Treasurer Charitable Endowments, Haryana under Section 10(46)

The Central Board of Direct Taxes (CBDT) has granted a retrospective tax exemption to the Treasurer, Charitable Endowments, Haryana, under Section 10(46) of the Income Tax Act. This exemption is effective from the financial year 2021-22. Section 10(46) is designed to exempt specified incomes of non-commercial government-constituted bodies. The notification clarifies that the income arising to the Treasurer, Charitable Endowments, which is an entity responsible for managing and administering charitable funds and properties in the state, will not be subject to income tax. The specified exempt incomes include grants-in-aid received from the government and interest earned on investments. This move recognizes the public and charitable nature of the body, ensuring that its funds, which are meant for charitable purposes, are not reduced by way of taxation, thereby supporting its welfare activities within the state.