Income Tax exemption for non profit entities extended to to Unique Identification Authority of India and West Bengal Transport Workers Social Security Scheme

The central government has extended the exemption to income tax under section 10 of the Income-tax Act, 1961 to Unique Identification Authority of India and West Bengal Transport Workers Social Security Scheme subject to the fulfilment of the following conditions, namely:

1. Shall not engage in any commercial activity;
2. Activities and the nature of the specified income shall remain unchanged throughout the financial year; and
3. Shall file 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 the assessment years 2022-2023 and 2023-2024 relevant for the Financial Years 2021-2022 and 2022-2023.