Executive Summary:
This notification, issued by the Central Board of Direct Taxes, concerns the exemption of specific income of the Greater Noida Industrial Development Authority (GNIDA) under Section 10(46) of the Income-tax Act, 1961. It lists the types of income that are exempt and sets conditions for maintaining this exemption. The notification is applied retrospectively from 01-06-2011.
Key Points / Main Content:
* **Exemption of Income:**
* The Central Government notifies that the following specified income arising to the Greater Noida Industrial Development Authority (GNIDA) is exempt under Section 10(46) of the Income-tax Act, 1961:
* Grants received from the State Government.
* Moneys received from the disposal of 90-year leases of immovable properties.
* Moneys received as lease rent fees or other charges from the disposal of 90-year leases of immovable properties.
* Interest earned on funds deposited in banks.
* Interest/penalties received on deferred payments from allottees of various immovable properties.
* Water, sewerage, and other municipal charges from allottees of various immovable properties.
* **Conditions for Exemption:**
* GNIDA must not engage in any commercial activity.
* The activities and the nature of the specified income must remain unchanged throughout the financial years.
* GNIDA must file a return of income in accordance with Section 139(4C)(g) of the Income-tax Act, 1961.
* GNIDA must file an audit report along with the return, verified by an accountant as per Section 288(2) of the Income-tax Act, 1961, and include a certificate from a chartered accountant confirming that the above conditions are satisfied.
* **Retrospective Application:**
* The notification is deemed to have been applied retrospectively from 01-06-2011 to 31-03-2012 for the assessment year 2012-2013, and also for the assessment years 2013-2014, 2014-2015, 2015-2016, and 2016-2017.
Impact Analysis:
* **Greater Noida Industrial Development Authority (GNIDA):**
* Impact: GNIDA benefits from the exemption of specified income from income tax, provided it adheres to the stated conditions.
* Action Required: GNIDA must ensure it does not engage in commercial activities, maintains the nature of its specified income, files income tax returns and audit reports as required, and obtains a certificate from a chartered accountant confirming compliance with the conditions.
* **Tax Authorities (Central Board of Direct Taxes):**
* Impact: The notification provides clarity on the tax treatment of GNIDA's specified income.
* Action Required: Implement and administer the provisions of the notification, ensuring compliance by GNIDA.
* **Allottees of GNIDA Properties:**
* Impact: Indirectly affected as GNIDA's financial obligations related to income tax on specified income are clarified.
* Action Required: No direct action required, but should be aware of the notification’s implications for GNIDA.
Key Entities Referenced
Ministry of Finance: The Indian government ministry responsible for financial matters.
Department of Revenue: A department under the Ministry of Finance, Government of India.
Central Board of Direct Taxes: A statutory authority functioning under the Department of Revenue, Ministry of Finance, Government of India.
Income-tax Act, 1961: The primary law governing income tax in India.
Greater Noida Industrial Development Authority: An authority constituted by the State Government of Uttar Pradesh.
State Government of Uttar Pradesh: The government of the state of Uttar Pradesh in India.
New Delhi: Capital of India
High Court of Delhi: The High Court of Delhi
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. NO. D. L.-33004/99
सी.जी.-डी.एल.-अ.-23062020-220112
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CG-DL-E-23062020-220112
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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.ं 1789] नई दिल्ली, मगं लिार, िनू 23, 2020/ आर्ाढ़ 02, 1942
No.1789] NEW DELHI, TUESDAY, JUNE 23, 2020/ ASHADHA 02, 1942
जित्त मत्रं ालय
(रािस्ट्ि जिभाग)
(केंद्रीय प्रत्यक्ष कर बोड)ड
अजधसचू ना
नई दिल्ली, 23 िून, 2020
का.आ. 2014(अ).—आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खण्ड (46) द्वारा प्रित्त
िजियों का प्रयोग करते हुए, केंद्र सरकार एतद्द्वारा उत्तर प्रििे राज्य सरकार द्वारा गठित एक प्राजधकरण ‘ग्रेटर नोएडा
इण्डस्ट्रीयल डिलपमेंट अथाठरटी’ (पैन AAALG0129L) को उि खण्ड के प्रयोिनाथ ड उस प्राजधकरण को होने िाली
जनम्नजलजखत जिजनर्िष्टड आय के बारे म ें अजधसूजचत करती ह;ै नामतः
(क) राज्य सरकार स ेप्राप्त अनुिान;
(ख) अचल संपजत्त के जनपटान / 90 िर्ड के पट्टे स े प्राप्त धनराजि;
(ग) पट्टा दकराया (लीि रेट) तथा फीस अथिा अचल संपजत्त के जनपटान/90 िर् ड पट्टे स े दकसी अन्य प्रकार
द्वारा प्राप्त धनराजि;
(घ) बैंकों म ें िमा जनजधयों पर अर्िडत ब्याि की राजि;
(ङ) जिजभन्न अचल संपजत्तयों के आिठं टयों स े प्राप्त अस्ट्थजगत भगु तान पर प्राप्त ब्याि/अथडिण्ड की राजि; तथा
(च) जिजभन्न अचल संपजत्तयों के आिठं टयों िल, सीिेि तथा अन्य नगरीय प्रभार;
2749 GI/2020 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC.3(ii)]
2. यह अजधसूचना उन ितों के अध्यधीन प्रभािी होगी दक ग्रेटर नोएडा इण्डस्ट्रीयल डिलपमेंट अथाठरटी,-
(क) दकसी िाजणजज्यक गजतजिजध म ेंिाजमल नहीं होगा;
(ख) जिजनर्िष्टड आय की प्रकृजत तथा गजतजिजधयां पूरे जित्त िर्ड के िौरान अपठरिर्तडत रहगें ी;
(ग) आयकर अजधजनयम, 1961 की धारा 139 की उपधारा (4ग) के खण्ड (छ) के प्रािधानों के अनुसार आय
की जििरणी िायर करेगा; तथा
(घ) चाटडडड अकाउटेंड स े इस प्रमाण पत्र के साथ दक उपरोि ित ें संतोर्िनक ह,ैं सजहत आयकर अजधजनयम,
1961 की धारा 288(2) के स्ट्पष्टीकरण म ें यथा प्रिान की गई अकाउटेंड द्वारा जिजधित सत्याजपत
जििरणी के साथ लेखा परीक्षा ठरपोट ड िायर करेगा।
3. इस अजधसूचना को कर जनधाडरण िर् ड 2012-2013 म ें 01 िनू , 2011 स े 31 माचड, 2012 तक की अिजध के
जलए लाग ू होना माना िाएगा और यह कर जनधारड ण िर् ड 2013-2014, 2014-2015, 2015-2016,
2016-2017, 2017-2018, 2018-2019, 2019-2020 तथा 2020-2021 के बारे म ेंलागू होगी।
[अजधसूचना स.ं 33/2020 फा.स.ं 300196/39/2018-आईटीए-I]
प्रज्ञा पारजमता, जनिेिक
व्याख्यात्मक ज्ञापऩ
इस अजधसूचना को ग्रेटर नोएडा इण्डस्ट्रीयल डिलपमेंट अथाठरटी बनाम भारत संघ तथा अन्य [डब्ल्य.ू पी.
(जसजिल) 2017 की स.ं 732] दिनांक 26 फरिरी, 2018 के मामले म ें माननीय दिल्ली उच्च न्यायालय के आिेि को
िेखते हुए कर जनधारड ण िर्ड 2012-2013 म ें 1 िून, 2011 स े 31 माच,ड 2012 की अिजध के जलए तथा कर जनधारड ण
िर्ड 2013-2014, 2014-2015, 2015-2016, 2016-2017, 2017-2018, 2018-2019, 2019-2020 तथा
2020-2021 स े भी पूिडव्यापी प्रभाि दिया िाएगा। यह प्रमाजणत दकया िाता ह ै दक इस अजधसूचना को पूिडव्यापी
प्रभाि िेने स े दकसी व्यजि का जहत प्रजतकूल रूप स ेप्रभाजित नहीं होगा।
MINISTRY OF FINANCE
(Department of Revenue)
(Central Board of Direct Taxes)
NOTIFICATION
New Delhi, the 23rd June, 2020
S.O. 2014(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, ‘Greater Noida
Industrial Development Authority’, (PAN AAALG0129L ), an authority constituted by the State Government of
Uttar Pradesh, in respect of the following specified income arising to that Commission, namely:—
(a) Grants received from the State Government;
(b) Moneys received from the disposal/90 years lease of immovable properties;
(c) Moneys received by the way of lease rent & fees or any other charges from the disposal/90 years
lease of immovable properties;
(d) The amount of interest earned on the funds deposited in the banks;
(e) The amount of interest/penalties received on the deferred payment received from the Allotees of
various immovable properties; and
(f) Water, sewerage and other municipal charges from the Allotees of various immovable properties.
2. This notification shall be effective subject to the conditions that Greater Noida Industrial Development
Authority,-
(a) shall not engage in any commercial activity;[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 3
(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.
(d) shall file the Audit report along with the Return, duly verified by the accountant as provided in
explanation to section 288(2) of the Income-tax Act, 1961 along with a certificate from the
chartered accountant that the above conditions are satisfied.
3. This notification shall be deemed to have been applied for the period from 01-06-2011 to 31-03-2012 in the
assessment year of 2012-2013 and also from the assessment years 2013-2014, 2014-2015, 2015-2016 and
2016-2017.
[Notification No. 33/2020 F.No.300196/39/2018-ITA-I]
PRAJNA PARAMITA, Director
Explanatory Memorandum
This notification shall be given retrospective effect for the period from 01-06-2011 to 31-03-2012 in the
assessment year of 2012-2013 and also from the assessment years 2013-2014, 2014-2015, 2015-2016 and 2016-
2017, in view of the Order of the Hon’ble High Court of Delhi in matter of Greater Noida Industrial Development
Authority V. Union of India and Others [W.P. (Civil) No.732 of 2017], dated 26th Day of February, 2018. It is
certified that by giving retrospective effect to the notification no person will adversely get affected.
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