Finance Ministry Grants Five-Year Income Tax Exemption To UIDAI
A notification to this effect was issued by the Central Board of Direct Taxes under the Ministry of Finance.
The Ministry Of Finance has granted income tax exemption to the Unique Identification Authority of India for a period of five years up to financial 2027–28.
The authority's income, including central government grants/subsidies; fees/subscriptions; charges for authentication, enrollment, and update services; earnings from term/fixed deposits; and interest accrued on bank deposits, will not be subject to income tax.
A notification to this effect was issued by the Central Board of Direct Taxes 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.
The UIDAI is a statutory authority established under the Aadhaar Act, 2016, tasked with ensuring compliance with the Act and formulating regulations and rules in accordance with it.
The notification will be effective provided that the UIDAI refrains from participating in any commercial activities and that the nature of the specified income remains consistent across financial years.
(With PTI Inputs)
