FAQ: Is a funding PBO approved under section 18A(1)(b) of the IT Act restricted to whom it may provide funds or assets?

Yes, a conduit or funding PBO that has been approved under section 18A(1)(b) may not provide funds or assets to another “conduit or funder that has been approved under section 18A(1)(b), but to a doer that carries on PBAs in Part II of the Ninth Schedule and has approval under section 18A(1)(a) of the IT Act (funds for which Section 18A receipt were issued can only be provided to Section 18A(1)(a) approved PBOs.) or PBOs on Part 1 of the 9th schedule (funds for which section 18A receipts were not issued).

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