57. Mandatory furnishing of return by certain exempt entities.
57.1 The provisions of sub-section (4C) of section 139 of the Income-tax Act mandate filing of return by certain entities which are exempt from the levy of income-tax.
57.2 In order to verify that certain entities which enjoy exemption under section 10 actually carry out the activities for which the exemption has been provided under the Act, it has been provided that any person as referred to in clause (23AAA), Investor Protection Fund referred to in clause (23EC) or clause (23ED), Core Settlement Guarantee Fund referred to in clause (23EE) and any Board or Authority referred to in clause (29A) of section 10 of the Income-tax Act shall also be mandatorily required to furnish a return of income.
57.3 Applicability: This amendment takes effect from 1st April, 2018 and will, accordingly apply from assessment year 2018-19 and subsequent years.