Income tax, CBSE will not have to pay income tax till the year 2025, know why it got this exemption? – cbse exempted from paying income tax from 2021 to 2025
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Such income includes examination fee, fee associated with CBSE, sale of text books and publications, registration fee, sports fee and training fee. Also, amount received from CBSE projects/programmes, interest on income tax refund and interest earned on such income will be exempt from income tax.
According to the CBDT, the tax exemption is subject to the condition that CBSE will not engage in any commercial activity and the nature of the prescribed income will not change throughout the financial year. Om Rajpurohit, joint partner (corporate and international tax), AMRG & Associates, said the present notification is for a limited period. This last date is from June 1, 2020 to the financial year 2024-25. In view of this, CBSE can apply to CBDT for special permission to revise the income tax returns of previous years and claim ‘refund’ of the tax paid on the assessed income.
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