Kerala Co-operative Deposit Guarantee Fund Board exempted from Income Tax u/s 10(46): CBDT [Read Notification]

The Central Board of Direct Taxes (CBDT) has exempted the Kerala Co-operative Deposit Guarantee Fund Board under Section 10(46) of the Income Tax Act, 1961. \r

As per notification no. S.O. 2242(E) dated 12th June 2024, the board is exempt from income tax on contributions received from the Government of Kerala, contributions from defined societies under the Kerala Co-operative Deposit Guarantee Scheme, and interest earned on bank deposits. \r

This exemption is conditional upon the board refraining from commercial activities, maintaining unchanged activities and income nature throughout each financial year, and filing income tax returns as per section 139(4C)(g) provisions. The notification applies retrospectively for assessment years 2019-2020 to 2023-2024.