CBDT Notifies Tax Exemption for Forum of Regulators Under Section 10(46) of Income Tax Act

The Central Board of Direct Taxes (CBDT) has notified the "Forum of Regulators" as a tax-exempt entity under Section 10(46) of the Income Tax Act. The Forum of Regulators is a body comprising the heads of various regulatory institutions in India, such as the RBI, SEBI, and IRDAI, which meets to discuss and coordinate on regulatory matters. This notification means that the specified income of the forum, which would typically include grants or contributions from member regulators, will not be subject to income tax. This exemption is granted to government-constituted bodies that perform a public function and are not engaged in commercial activities. The decision recognizes the forum's role in strengthening the country's regulatory architecture and ensures that its operational funds are not depleted by tax liabilities, allowing it to function more effectively.