The notification issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, exempts the Godavari River Management Board (GRMB) from income tax under Section 10(46) of the Income-tax Act, 1961, for specific income categories.
The exemption applies to grants/subsidies received from the Central Government, grants/subsidies from the state governments of Andhra Pradesh and Telangana, and interest earned from bank deposits, including savings accounts.
Key Changes
The Godavari River Management Board (GRMB), with PAN AAAGG1473Q, is granted income tax exemption on specific income.
The exemption is applicable retrospectively from the assessment year 2020-2021 to 2023-2024, corresponding to the financial years 2019-2020 to 2022-2023.
The exemption is conditional upon the GRMB not engaging in any commercial activity, maintaining the nature of its activities and specified income, and filing income tax returns as per Section 139(4C)(g) of the Income-tax Act, 1961.
Impact Analysis
Godavari River Management Board (GRMB)
Action Item: Ensure compliance with the conditions stipulated in the notification, particularly regarding commercial activities, consistency of income nature, and timely filing of income tax returns.
Central Government
Action Item: Monitor the GRMB's compliance with the notification's conditions.
State Governments of Andhra Pradesh and Telangana
Action Item: No specific action item, but continued coordination with the GRMB is implied.
Taxpayers
Neutral Impact: The notification explicitly states that it does not adversely affect any person by giving it retrospective effect.
Key Entities Referenced
Godavari River Management Board (GRMB): A body constituted under Section 85 of the Andhra Pradesh Re-Organization Act, 2014, responsible for the management of the Godavari River.
Income-tax Act, 1961: The primary legislation governing income tax in India. Section 10(46) provides for exemptions for specified bodies or authorities.
Andhra Pradesh Re-Organization Act, 2014: The Act that led to the formation of the state of Telangana and also addresses the management of resources, including rivers, between the states of Andhra Pradesh and Telangana.
Central Board of Direct Taxes (CBDT): A part of the Department of Revenue in the Ministry of Finance. It provides inputs for policy and planning of direct taxes in India and is also responsible for administration of direct tax laws through the Income Tax Department.
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असाधारण
EXTRAORDINARY
भाग II—खण् ड 3—उप-खण्ड (ii)
PART II—Section 3—Sub-section (ii)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 4944] नई दिल्ली, मगं लिार, दिसम्ब र 5, 2023/अग्रहायण 14, 1945
No. 4944] NEW DELHI, TUESDAY, DECEMBER 5, 2023/AGRAHAYANA 14, 1945
जित्त मत्रं ालय
(रािस्ट्ि जिभाग)
(केंद्रीय प्रत्यक्ष कर बोडड)
अजधसचू ना
नई दिल्ली, 5 दिसम् बर, 2023
का.आ. 5169(अ).—आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खंड (46) द्वारा प्रित्त िजियों
का प्रयोग करते हुए, केन्द्द्र सरकार ‘गोिािरी निी प्रबंधन बोडड (पैनः- AAAGG1473Q), आन्द्र प्रिेि पुनगडठन अजधजनयम,
2014 की धारा 85 के अनुसरण म ें गठठत एक जनकाय, को उद्भूत होने िाली जनम्नजलजखत जिजनर्िष्टड आय के संबंध म ें उि
खंड के प्रयोिनार्ड अजधसूजचत करती ह,ै अर्ाडत:्-
(क) केन्द्द्र सरकार स े प्राप्त अनुिान/सजससडी;
(ख) आन्द्रप्रिेि तर्ा तेलगं ाना राज्य सरकारों स े प्राप्त अनुिान/सजससडी;
(ग) बचत खातों सजहत बैंक िमाओं पर अर्िडत सयाि।
2. यह अजधसूचना इन ितों के अध्यधीन होगी दक गोिािरी निी प्रबंधन बोड,ड -
(क) दकसी व्यािसाजयक कायडकलाप म ें जलप्त नहीं होगा;
7512 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
(ख) जित्तीय िर्षों के िौरान कायडकलाप तर्ा जिजनर्िष्टड आय की प्रकृजत अपठरिर्तडत रहगें ी; और
(ग) आयकर अजधजनयम 1961, की धारा 139 की उप-धारा(4ग) के खडं (छ) के प्रािधानों के अनुसार आयकर
जििरणी फाइल करेगा।
3. यह अजधसूचना क्रमिः जित्त िर्षों 2019-2020 स े 2022-2023 के जलए संगत जनधाडरण िर्षों 2020-2021 स े
2023-2024 के जलए लाग ू की गई मानी िाएगी।
[अजधसूचना स.ं 102 / 2023 फा. स.ं 300196/45/2019-आईटीए-I]
जिकास ससंह, जनिेिक (आईटीए-I)
स्ट्पष्टीकरण ज्ञापन
प्रमाजणत दकया िाता ह ैदक इस अजधसूचना को भतू लक्षी प्रभाि िेन े स े दकसी व्यजि पर प्रजतकूल प्रभाि नहीं पड़ रहा ह।ै
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 5th December, 2023
S.O. 5169(E).— In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961
(43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Godavari River
Management Board, Hyderabad’ (PAN AAAGG1473Q), a Board constituted by Central Government in pursuance of
section 85 of the Andhra Pradesh Re-Organization Act, 2014, in respect of the following specified income arising to
the said Authority, as follows:
(a) Grants/Subsidies received from Central Government;
(b) Grants/Subsidies received from State Governments of Andhra Pradesh and Telangana; and
(c) Interest from bank deposits, including savings account.
2. This notification shall be effective subject to the conditions that Godavari River Management Board,
Hyderabad -
(a) shall not engage in any commercial activity;
(b) activities and the nature of the specified income shall remain unchanged throughout the financial years;
and
(c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section
139 of the Income-tax Act, 1961.
3. This notification shall be deemed to have been applied for assessment years 2020-21 to 2023-2024 relevant
for the financial years 2019-20 to 2022-2023 respectively.
[Notification No. 102/2023 F. No. 300196/45/2019-ITA-I]
VIKAS SINGH, Director (ITA-I)
Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.