Grants received to APSACS exempt u/s 10(46)

Andhra Pradesh State AIDS Control Society has been notified under section 10(46) of income tax act. Now Grants aid received to the said society shall be exempt under section 10(46) subject to the fulfillment of all of the below mentioned conditions :-

(a) The Andhra Pradesh  State AIDS Control Society does NOT engage in any commercial activity;
(b)The activities and the nature of the specified income remain unchanged throughout the financial year; and
(c) Must files the return of income under section 139(4C) of the Income-tax Act, 1961.

Refer Notification 17/2014

Extend definition of Training Institute under section 35CCD

Rule 6AAF provides the guidelines for approval of skill development project under section 35CCD and states that skill development project shall be considered for notification if it is undertaken by an eligible company and the project is undertaken in separate facilities in a training institute.

Now the CBDT extend the definition of  ‘Training Institute’ :- Continue reading