On 29 September 2026, the CBDT issued Notification No. 130/2026-CBDT (SO 5333(E)) granting exemption under Section 45(3)(a)(ii) read with Section 45(4)(b) of the Income Tax Act, 2025 to the Institute for Financial Management and Research (IFMR), Chennai. This provision covers institutions engaged in education and research not established for profit. The notification confirms IFMR’s eligibility, allowing its income to be exempt from tax provided it meets statutory conditions. The exemption supports the institute’s academic and research activities in financial management.
Key Takeaways
- Educational Institution Exemption: IFMR Chennai receives tax-exempt status under the category for universities and educational institutions of national importance.
- Conditional Benefit: Exemption continues subject to adherence to income application rules, audit, and filing of Form 10B/10BB.
- Policy Signal: The government encourages higher education and research in finance through fiscal incentives.
Disclaimer: This article is compiled and summarized by the AI based on publicly available information and is for general information purposes only. It does not constitute any form of formal tax advice, legal opinion, or basis for performance. Please consult a qualified professional tax advisor or legal counsel for tax advice.
Source: Read Official Announcement