Section 10(23BBD) of the Income Tax Act provides a tax exemption for the income of the ASOSAI-SECRETARIAT—that is, the Secretariat of the Asian Organisation of Supreme Audit Institutions. This body is registered under the Societies Registration Act, 1860, and the exemption was granted for a specific 10-year period.
Key Features:
- Eligible Entity: ASOSAI-SECRETARIAT, registered as a society.
- Exemption Period: For ten previous years relevant to the assessment years from 1st April 2001 to 31st March 2011.
- Nature of Income: All income earned by the Secretariat during this period was exempt from Indian income tax.
Example:
Suppose the ASOSAI-SECRETARIAT received ₹1 crore in grants and interest income in FY 2007–08. Since this falls within the approved exemption window, the entire ₹1 crore would be exempt from tax under Section 10(23BBD).
However, this exemption does not apply beyond the specified period, unless extended by a fresh notification or amendment.
