CBDT exempts NCCL settlement fund from tax
Synopsis The Central Board of Direct Taxes has granted income-tax exemption to NCCL's Core Settlement Guarantee Fund. This tax benefit will continue for assessment years
Synopsis The Central Board of Direct Taxes has granted income-tax exemption to NCCL's Core Settlement Guarantee Fund. This tax benefit will continue for assessment years 2019-20 through 2026-27.
The exemption ensures continued tax relief under the new Income-Tax Act provisions. This relief remains available as long as the fund files its income-tax returns.
The notification removes uncertainty over the tax treatment of this important market safeguard.
The BriefWire