National biodiversity authority made eligible for tax exemption

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The Centre on Wednesday notified the National Biodiversity Authority (NBA) for exemption under the section 10(46) of the Income Tax Act, 1961 from 2021-22 till 2025-26.

The section 10(46) of the IT Act is applicable to any notified body/authority/board/ trust/commission (or a class thereof), which has been established or constituted by or under a Central, state or provincial Act, or has been constituted by the Centre or a state government with the object of regulating or administering any activity for the benefit of the general public, is not engaged in any commercial activity, and is notified by the Central government in the Official Gazette.

This section exempts from tax any specified income arising out of such bodies. The National Biodiversity Authority is established under the Biological Diversity Act, 2002 (18 of 2003).

The amount received in the form of grant-in-aid from the Centre, benefit sharing fee and royalty received, amount received in the form of application fees, and interest earned on monies accumulated from above three would be exempted from tax under the section 10(46) of the IT Act, the notification said.

However, it is subject to the conditions that the National Biodiversity Authority, Chennai shall not engage in any commercial activity, its activities and the nature of the specified income shall remain unchanged throughout the financial years, and it shall file return of income in accordance with the provision of the relevant clauses.

The notification also said that the exemption would be deemed to have been applied for the financial year 2021-2022 and shall be applicable with respect to the financial years 2022-2023, 2023-2024, 2024-2025 and 2025-2026.

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Arushi Sana
Arushi Sana is the Co-Founder of Santerra Living, a bio-pellet factory that makes a renewable form of eco-coal and Co-Founder of NYK Daily, a global news platform. She was awarded the Times Power Women of the Year 2022, Times Digital Entrepreneur of the Year 2023, Silicon India's Top 10 Women Owned Startups of Hyderabad 2023 and IHW Council Climate Health Influencer 2024. Arushi is also a speaker for Sustainability and Entrepreneurship at various forms like the World Bank, UN International Solar Alliance and Universities, and was also invited to the UN COP28 UAE Climate Conference. She is a Sustainability Consultant for organisations looking to reduce their carbon footprint and also works with brands on social media to help them carve a presence in that niche. She holds a Degree in Computer Science Engineering from VIT University and a Diploma in Marketing Analytics from IIM Nagpur. She has previously worked in Ernst & Young and Deloitte as a Forensic Data Analyst. Arushi is a writer, political researcher, a social worker, a farmer and a singer with an interest in languages. Travel and nature are the biggest spiritual getaways for her, and she aims to develop a global community of knowledge and journalism par excellence through this News Platform.

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