Section 91 of The Protection of Plant Varieties and Farmers Rights Act, 2001
Notwithstanding anything contained in the Wealth-tax Act, 1957 (26 of 1957), the Income-tax Act, 1961 (43 of 1961), or any other enactment for the time being in force relating to tax on wealth, income, profits or gains, the Authority shall not be liable to pay wealth-tax, income-tax or any other tax in respect of its wealth, income, profits or gains derived.
Summary
- The Protection of Plant Varieties and Farmers Rights Authority is completely exempt from paying wealth tax and income tax.
- This tax exemption applies to any wealth, income, profits, or gains that the plant variety protection body earns or holds.
- The exemption overrides any conflicting rules in the Wealth-tax Act of 1957 and the Income-tax Act of 1961.
- Any other tax laws that deal with taxing wealth, income, profits, or gains also do not apply to the Authority.
Practical examples
FAQ
1. Is the Protection of Plant Varieties and Farmers Rights Authority required to pay income tax under Section 91 of the Act?
No, under Section 91 of The Protection of Plant Varieties and Farmers Rights Act, 2001, the Authority is fully exempt from paying income tax on any income, profits, or gains it derives.
2. Does the wealth tax exemption for the Authority under Section 91 of the plant variety law override the Wealth-tax Act of 1957?
Yes, Section 91 of the plant variety protection law specifically states that its tax exemption applies notwithstanding anything contained in the Wealth-tax Act, 1957.
3. Under Section 91 of the plant varieties protection law, what specific categories of financial liabilities is the Authority exempt from?
Under Section 91 of The Protection of Plant Varieties and Farmers Rights Act, 2001, the Authority is exempt from paying wealth-tax, income-tax, or any other tax regarding its wealth, income, profits, or gains.
Test yourself
Q1.Under Section 91 of The Protection of Plant Varieties and Farmers Rights Act, 2001, which of the following taxes is the Authority legally exempt from paying?
Q2.Under Section 91 of The Protection of Plant Varieties and Farmers Rights Act, 2001, which specific tax laws are explicitly named as being overridden by this tax exemption?
Q3.Under Section 91 of The Protection of Plant Varieties and Farmers Rights Act, 2001, from which of the following sources must the wealth, income, profits, or gains be derived to qualify for the tax exemption?
Q4.Under Section 91 of The Protection of Plant Varieties and Farmers Rights Act, 2001, what is the tax status of a private seed company registered under the Act?