Executive Summary:
This notification, issued by the Central Board of Direct Taxes, concerns the tax exemption for Noida Special Economic Zone Authority under Section 10(46) of the Income-tax Act, 1961. It specifies the types of income eligible for exemption and the conditions the Authority must meet. The notification is effective retrospectively from the financial year 2013-2014 and applies to the financial year 2017-2018.
Key Points / Main Content:
Tax Exemption:
* Noida Special Economic Zone Authority is notified for tax exemption under Section 10(46) of the Income-tax Act, 1961.
* The exemption applies to the following specified income:
* Lease rent charged as per Government prescribed rate
* Interest from banks on FDRs
* Receipts from ICard and Permit fees
* Allotment Fee in respect of Standard Design Factories (SDF)
* Auction/Bid amount in respect of Plots/Buildings which fall vacant
* Transfer charges in respect of Plot/Building
* Fee for issue of Form I for exemption of Building Plans
* Processing fee for approval of Building Plans
* Site usage charges from Service providers
* License fee for allotment of Staff Quarters to the staff
Conditions for Exemption:
* Noida Special Economic Zone Authority must not engage in any commercial activity.
* Its activities and the nature of the specified income must remain unchanged throughout the financial years.
* It must file a return of income in accordance with the provision of clause (g) of subsection (4C) section 139 of the Income-tax Act, 1961.
Period of Application:
* The notification is deemed to have applied for the Financial Years 2013-2014, 2014-2015, 2015-2016, 2016-2017.
* It applies with respect to the Financial Year 2017-2018.
Impact Analysis:
Noida Special Economic Zone Authority:
* Impact: Benefits from tax exemption on specified income, subject to meeting the stated conditions.
* Action Required: Ensure compliance with the conditions, including refraining from commercial activities, maintaining the nature of specified income, and filing income tax returns as required.
Central Board of Direct Taxes:
* Impact: Responsible for administering and enforcing the notification.
* Action Required: Monitor compliance by the Noida Special Economic Zone Authority.
Government of India:
* Impact: Revenue implications due to the tax exemption.
* Action Required: None explicitly stated.
Tax Payers dealing with Noida Special Economic Zone Authority:
* Impact: Clarification on the tax status of the authority which may affect their transactions.
* Action Required: Ensure they are aware of the tax-exempt status of the Noida Special Economic Zone Authority when dealing with them.
Key Entities Referenced
Income-tax Act, 1961: A law of India related to income tax, mentioned as the basis for the notification.
Central Board of Direct Taxes: A government organization under the Department of Revenue, Ministry of Finance responsible for direct tax administration in India.
Noida Special Economic Zone Authority, Noida, Uttar Pradesh: An authority constituted under the Special Economic Zone Act, located in Noida, Uttar Pradesh, India. It is the subject of the notification regarding income tax exemptions.
Special Economic Zone Act, 2005: An act of the Government of India under which Noida Special Economic Zone Authority was constituted.
Ministry of Finance: The government ministry responsible for financial matters, including the Department of Revenue under which the Central Board of Direct Taxes operates.
Department of Revenue: A department under the Ministry of Finance, Government of India.
New Delhi: The location where the notification was issued.
Financial Year 2013-2014: Financial year for which retrospective effect is being applied.
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REGD. NO. D. L.-33004/99
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EXTRAORDINARY
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PART II—Section 3—Sub-section (ii)
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PUBLISHED BY AUTHORITY
la- 2023] ubZ fnYyh] c`gLifrokj] tqykbZ 20] 2017@vk"kk<+ 29] 1939
No. 2023] NEW DELHI, THURSDAY, JULY 20, 2017/ASADHA 29, 1939
िव(cid:7275) मं(cid:7074)ालय
(राजस्व िवभाग)
(क(cid:7286)(cid:7076)ीय (cid:7079)त्यक्ष कर बोडर्)
अिधसूचना
नई िदल्ली, 20 जुलाई, 2017
का. आ. 2281(अ).— आयकर अिधिनयम, 1961 (1961 का 43) की धारा 10 के खंड (46) (cid:7367)ारा (cid:7079)द(cid:7275) शि(cid:7334)य(cid:7298)
का (cid:7079)योग करते हुए क(cid:7286)(cid:7076) सरकार एत(cid:7375)ारा उ(cid:7334) खंड के उ(cid:7374)ेश्य की पूितर् हते ू भारत सरकार (cid:7367)ारा िवशेष आिथर्क जोन अिधिनयम,
2005 के तहत गिठत (cid:7079)ािधकरण ‘नोएडा िवशेष आिथर्क जोन (cid:7079)ािधकरण’ नोएडा को होने वाली िन(cid:7388)िलिखत िविन(cid:7416)द(cid:7397)र् आय
के संबंध म(cid:7286) अिधसूिचत करती ह,ै अथार्त्
(क) लीज िकराया (सरकार (cid:7367)ारा िन(cid:7416)द(cid:7397)र् दर के अनुसार (cid:7079)भािरत)
(ख) िमयादी जमा(cid:7312) (एफ.डी.आर.) पर ब(cid:7289)क(cid:7298) से ब्याज
(ग) आई-काडर् और परिमट फीस से (cid:7079)ाि(cid:7385)याँ
(घ) मानक िडजाइन फैक्टरी (एस.डी.एफ.) के संबंध म(cid:7286) आबंटन फीस
(ड़) खाली प्लाट(cid:7298)/िबिल्डंग(cid:7298) के संबंध म(cid:7286) नीलामी/िबड रािश
(च) प्लाट/िबिल्डंग के संबंध म(cid:7286) अंतरण (cid:7079)भार
(छ) िबिल्डंग प्लान(cid:7298) की छूट के िलए फामर्-I को जारी करने के िलए फीस
(ज) िबिल्डंग प्लान के अनुमोदन के िलए (cid:7079)ोसेिसंग फीस
4422 GI/2017 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
(झ) सेवा (cid:7079)दायक(cid:7298) से स्थल (cid:7079)योग (cid:7079)भार; और
(ञ) स्टाफ को स्टाफ (cid:7332)ाटर्र(cid:7298) के आबंटन के िलए लाइस(cid:7286)स फीस,
2. यह अिधसूचना िन(cid:7388)िलिखत शत(cid:7300) के साथ लागू होगी िक नोएडा िवशेष आिथर्क जोन (cid:7079)ािधकरण, नोएडा :-
(क) िकसी भी (cid:7390)ावसाियक गितिविध म(cid:7286) शािमल नह(cid:7277) होगा;
(ख) कायर्कलाप और आय िवशेष की (cid:7079)कृित िव(cid:7275)ीय वष(cid:7300) के दौरान अपिरवितर्त रहगे ी; और
(ग) आयकर अिधिनयम, 1961 की धारा 139 की उपधारा – 4(ग) के खंड (छ) के (cid:7079)ावधान के अनुसार आय की
िववरणी दायर करे।
3. यह अिधसूचना िव(cid:7275) वषर् 2013-14, 2014-15, 2015-16, 2016-17 के िलए लाग ू हुई मानी जाएगी
और िव(cid:7275) वषर् 2017-18 के संबंध म(cid:7286) लागू होगी।
[अिधसूचना सं. 70 /2017, फा. सं. 196/30/2013-आईटीए-I]
दीपिशखा शमार्, िनदशे क
(cid:7390)ाख्यात्मक ज्ञापनः- यह (cid:7079)मािणत िकया जाता ह ैिक इस अिधसूचना को पूवर्(cid:7390)ापी (cid:7079)भाव दके र कोई भी (cid:7390)ि(cid:7334) (cid:7079)ितकूल रूप
से (cid:7079)भािवत नह(cid:7277) ह।ै
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 20th July, 2017
S.O. 2281(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, ‘Noida Special Economic Zone
Authority, Noida’, an authority constituted under the Special Economic Zone Act, 2005 of the Government of India, in
respect of the following specified income arising to that authority, namely:-
a) lease rent (charged as per Government prescribed rate);
b) interest from banks on FDRs;
c) receipts from I-Card and Permit fees;
d) allotment Fee in respect of Standard Design Factories(SDF);
e) auction/Bid amount in respect of Plots/Buildings which fall vacant;
f) transfer charges in respect of Plot/Building;
g) fee for issue of Form-I for exemption of Building Plans;
h) processing fee for approval of Building Plans;
i) site usage charges from Service providers; and
j) license fee for allotment of Staff Quarters to the staff.
2. This notification shall be effective subject to the conditions that Noida Special Economic Zone Authority, Noida
(a) shall not engage in any commercial activity;¹Hkkx IIμ[k.M 3 (ii)º Hkkjr dk jkti=k % vlk/kj.k 3
(b) its activities and the nature of the specified income shall remain unchanged throughout the financial
years; and
(c) it files return of income in accordance with the provision of clause (g) of sub-section (4C) section 139
of the Income-tax Act, 1961.
3. This notification shall be deemed to have been applied for the Financial Year 2013-2014, 2014-2015,
2015-2016, 2016-2017 and shall apply with respect to the Financial Year 2017-2018.
[Notification No. 70 /2017, F.No.196/30/2013-ITA-I]
DEEPSHIKHA SHARMA, Director
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.