2024-08-14 10:19:24
The Finance Ministry has exempted the Unique Identification Authority of India (UIDAI) from income tax for five years till the financial year 2027-28. As a result, grants/subsidies received from the central government; fees/subscriptions including RTI fees, tender fees, scrap sale fees, PVC cards; fees received for certification, registration and renewal services; term/fixed deposits; and interest earned by UIDAI on bank deposits will be exempt from income tax.
The Central Board of Direct Taxes (CBDT) under the Ministry of Finance has issued a notification in this regard.
It added: “This notification is applicable for the assessment years 2024-2025, 2025-2026, 2026-2027, 2027-2028 and 2028-2029.”
UIDAI is a statutory body established under the provisions of the Aadhaar Act, 2016 to ensure compliance with the Aadhaar Act and to frame regulations and rules consistent with the Act.
This notification shall come into force on condition that UIDAI does not engage in any commercial activity; the nature of the activities and designated income shall remain the same throughout the financial year.
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