**Policy Summary:**
This notification, S.O. 5176(E), issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes on October 8, 2018, grants an exemption under clause (46) of section 10 of the Income-tax Act, 1961 to the Karnataka State Unorganised Workers Social Security Board, Bengaluru. The exemption applies to specific income sources of the Board, namely: (a) Grant-in-Aid released by the State Government; and (b) Interest earned on the aforementioned Grant-in-Aid.
The notification is subject to the conditions that the Board: (a) does not engage in any commercial activity; (b) maintains the current nature of its activities and specified income throughout the financial years; and (c) files income tax returns as per clause (g) of subsection (4C) of section 139 of the Income-tax Act, 1961.
This notification is deemed to have been applied for the assessment years 2017-18 and 2018-19, and will apply to the assessment years 2019-20, 2020-21, and 2021-22.
The notification number is 62/2018, and the file number is F.No. 30019639/2017-ITA-I. The Under Secretary, Vinay Sheel Gautam, issued the notification.
Key Entities Referenced
Income-tax Act, 1961: A tax law in India, specifically section 10 clause 46 and section 139 subsection 4C clause g, mentioned as the legal basis for the notification.
Central Board of Direct Taxes: A department under the Ministry of Finance, responsible for direct tax administration in India, and the issuer of this notification.
Ministry of Finance: The government ministry responsible for the economy of India.
Karnataka State Unorganised Workers Social Security Board, Bengaluru: A board constituted by the Government of Karnataka, which is the recipient of the notification regarding income tax exemption.
Government of Karnataka: The state government that constituted the Karnataka State Unorganised Workers Social Security Board.
New Delhi: The location where the notification was issued.
Vinay Sheel Gautam: The Under Secretary who signed the notification.
Grant-in-Aid: Financial assistance provided by the State Government to the Karnataka State Unorganised Workers Social Security Board.
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PART II—Section 3—Sub-section (ii)
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No. 3991] NEW DELHI, MONDAY, OCTOBER 8, 2018/ASVINA 16, 1940
ििििवववव(cid:3)(cid:3)(cid:3)(cid:3) मममम(cid:7)(cid:7)ंं(cid:7)(cid:7)ंं ााााललललयययय
((((ररररााााजजजज(cid:5)(cid:5)(cid:5)(cid:5)वववव ििििववववभभभभाााागगगग))))
((((कककक(cid:13)(cid:13)(cid:13)(cid:13)(cid:14)(cid:14)(cid:14)(cid:14)ीीीीयययय (cid:17)(cid:17)(cid:17)(cid:17)(cid:18)(cid:18)(cid:18)(cid:18)यययय(cid:19)(cid:19)(cid:19)(cid:19) ककककरररर बबबबोोोोडडडड))(cid:23)(cid:23)))(cid:23)(cid:23)
अअअअििििधधधधससससचचूूचचूू ननननाााा
नई (cid:4)द(cid:6)ली, 8 अ(cid:9) तबू र, 2018
ककककाााा.... आआआआ....5555111177776666 ((((अअअअ))))....————आयकर अिधिनयम, 1961 (1961 का 43) क(cid:14) धारा 10 के खंड (46) (cid:18)ारा (cid:19)द(cid:20) शि(cid:23)य(cid:25) का (cid:19)योग करते
(cid:29)ए, क ! सरकार एत#ारा उ(cid:23) खंड के उ(े)य क(cid:14) पू+त, हेतु ‘कना,टक रा0य असंग2ठत 4िमक सामािजक सुर7ा बोड,’ बंगलु9 जो (cid:4)क कना,टक
सरकार (cid:18)ारा ग2ठत बोड , है, को होन े वाली िन<िलिखत िविन=द>, आय के संबंध म एत#ारा अिधसूिचत करती ह ै िजस का Aयौरा
िन<िलिखत ह.ै—
(क) रा0य सरकार से (cid:19)ाC अनुदान;
(ख) उपरो(cid:23) (क) से (cid:19)ाC Aयाज।
2. यह अिधसूचना इन शतG के अHयधीन (cid:19)भावी होगी (cid:4)क ‘कना,टक रा0य असंग2ठत 4िमक सामािजक सुर7ा बोड’, बंगलु9’-
(क) (cid:4)कसी भी Jावसाियक गितिविध म शािमल नहK होगा;
(ख) िविन=द,> आय के संबंध म (cid:4)Lयाकलाप और िवशेष आय क(cid:14) (cid:19)कृित, िव(cid:20)ीय वषG के दौरान अप2रव+त,त रहेगी; और
(ग) आयकर अिधिनयम, 1961 क(cid:14) धारा 139 क(cid:14) उपधारा – 4(ग) के खंड (छ) के (cid:19)ावधान के अनुसार आय क(cid:14) िववरणी दायर
करेगा।
3. यह अिधसूचना िनधा,रण वष, 2017-18 और 2018-19 के िलए लागू समझी जाएगी और िनधा,रण वष, 2019-20, 2020-21
और 2021-22 के िलए लागू होगी।
[अिधसूचना सं. 62 /2018, फा. सं. 300196/39/2017-आईटीए-I]
िवनय शील गौतम, अवर सिचव
5896 GI/2018 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
(cid:24)(cid:24)(cid:24)(cid:24)ाााा(cid:25)(cid:25)(cid:25)(cid:25)ययययाााा(cid:18)(cid:18)(cid:18)(cid:18)ममममकककक (cid:27)(cid:27)(cid:27)(cid:27)ाााापपपपननननःःःः यह (cid:19)मािणत (cid:4)कया जाता ह ै(cid:4)क इस अिधसूचना को भूतल7ी (cid:19)भाव से लागू (cid:4)कए जाने से कोई भी Jि(cid:23) (cid:19)ितकूल 9प
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MINISTRY OF FINANCE
(Department of Revenue)
(Central Board of Direct Taxes)
NOTIFICATION
New Delhi, the 8th October, 2018
S.O. 5176(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, ‘Karnataka State Unorganised
Workers Social Security Board’, Bengaluru, a board constituted by the Government of Karnataka, in respect of the
following specified income arising to that board, namely.—
a) Grant-in-Aid released by State Government;
b) Interest earned on (a) above.
2. This notification shall be effective subject to the conditions that Karnataka State Unorganised Workers Social
Security Board, Bengaluru –
a) shall not engage in any commercial activity;
b) activities and the nature of the specified income 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 the assessment year 2017-18 and 2018-19 and shall
apply with respect to the assessment years 2019-20, 2020-21 and 2021-22.
[Notification No.62 /2018, F.No. 300196/39/2017-ITA-I]
VINAY SHEEL GAUTAM, Under Secy.
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.