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INCOME TAX NOTIFICATION NO.73

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 10th September, 2020

S.O. 3088(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax
Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause,
‘District Mineral Foundation Trust’ as specified in the schedule to this notification, constituted by
Government in exercise of powers conferred under section 9(B) of the Mines and Minerals (Development
and Regulation) Amendment Act, 2015 (10 of 2015) as a ‘class of Authority’, in respect of the following
specified income arising to that Authority, namely :-
(a) Contribution by lease Holder to DMF as per the Mines and Minerals (Contribution to District
Mineral Foundation) Rules, 2015;
(b) Interest received from lease holders for late payment;
(c) Any Penalty charged to lease holder;
(d) Income from Interest on fund available under DMF;
(e) Interest received on Saving Bank Accounts; and
(f) Interest received on Excess Fund invested in Term Deposit.

  1. This notification shall be effective subject to the conditions that each of the District Mineral
    Foundation Trust-
    (a) shall not engage in any commercial activity;
    (b) activities and the nature of the specified income shall remain unchanged throughout the
    financial years; and
    (c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C)
    of section 139 of the Income-tax Act, 1961.
    (d) shall file the Audit report along with the Return, duly verified by the accountant as provided
    in explanation to section 288(2) of the Income-tax Act, 1961 along with a certificate from the
    chartered accountant that the above conditions are satisfied.
  2. This notification shall be deemed to have been applied for the assessment year 2018-2019 and
    2019-2020 and shall apply with respect to the assessment years 2020-2021, 2021-2022 and 2022-2023 in
    respect of Trusts mentioned in column (2) of the below mentioned schedule.

SCHEDULE


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