UIDAI Exempt from Income Tax for 5 Years: FinMin
Aug 14, 2024 15:30
The Indian Finance Ministry has exempted UIDAI from paying income tax for 5 years until fiscal 2027-28. This exemption covers grants, fees, service charges, and interest earned by UIDAI.
New Delhi, Aug 14 (PTI) The finance ministry has exempted the income of Unique Identification Authority of India (UIDAI) from payment of income tax for five years till fiscal 2027-28.
Accordingly, grants/subsidies received from the central government; fees/ subscriptions, including RTI fee, tender fee, sale of scrap, PVC card; authentication, enrolment and updation service charges received; term/fixed deposits; and interest on bank deposits earned by UIDAI would be exempt from income tax.
A notification to this effect was issued by the Central Board of Direct Taxes (CBDT) under the Ministry of Finance.
"This notification shall be applicable for assessment year 2024-2025, 2025-2026, 2026-2027, 2027-2028 and 2028-2029," it added.
UIDAI is a statutory authority established under the provisions of the Aadhaar Act, 2016, to ensure compliance with Aadhaar Act, and make regulations & rules consistent with the Act.
This notification would be effective subject to the conditions that UIDAI would not engage in any commercial activity; activities and the nature of the specified income shall remain unchanged throughout financial years.
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