Exemption of Commodity Boards and Authorities from income-tax

It is proposed to insert a new clause (29A) in section 10 so as to provide that the income of certain Commodity Boards and Export Development authorities would be exempt from income-tax. The Commodity Boards and Export Development Authorities which are set up under various statutes and are under the administrative control of the commerce ministry, namely, the Coffee Board, the Rubber Board, the Tea Board, the Tobacco Board, the Marine Products Export Development Authority, the Agricultural and Processed Food Products Export Development Authority and the Spices Board, are proposed to be exempted with effect from 1st April, 1962 or the previous year in which these Boards or authorities were constituted, whichever is later.

The proposed amended will take effect from the date of Presidential assent to the Act.