Executive Summary:
This notification, issued by the Central Board of Direct Taxes, notifies the Visakhapatnam Special Economic Zone Authority for the purpose of income tax exemptions under Section 10(46) of the Income-tax Act, 1961. It lists specific income types eligible for exemption, subject to certain conditions. The notification is effective retroactively from the assessment year 2018-2019 and applies to subsequent assessment years up to 2022-2023.
Key Points / Main Content:
* **Income Tax Exemption:**
* The Central Government notifies the Visakhapatnam Special Economic Zone Authority for income tax exemption under Section 10(46) of the Income-tax Act, 1961.
* **Specified Income:**
* The following income types are eligible for exemption:
* Lease Rent charged as per Government prescribed rate.
* Receipts from I-Card and Permit fees.
* Allotment fee for Standard Design Factories.
* Auction-bid amount for vacant Plots/Buildings.
* Transfer charges for Plots/Buildings.
* Fee for Issue of Form-I for exemption of Building Plans.
* Processing fee for approval of Building Plans, conveying NOCs, etc.
* Site usage charges from Service Providers.
* License fee for allotment of Staff Quarters to the Staff.
* Interest earned on a to i above.
* **Conditions for Exemption:**
* The Visakhapatnam Special Economic Zone Authority must adhere to the following conditions:
* Shall not engage in any commercial activity.
* Activities and the nature of the specified income shall remain unchanged throughout the financial years.
* Shall file return of income as per Section 139(4C)(g) of the Income-tax Act, 1961.
* **Applicability:**
* The notification applies retroactively from the assessment year 2018-2019 and extends to the assessment years 2019-2020, 2020-2021, 2021-2022, and 2022-2023.
Impact Analysis:
* **Visakhapatnam Special Economic Zone Authority:**
* Impact: Eligible for income tax exemption on specified income, provided the conditions are met.
* Action Required: Ensure compliance with the conditions, including refraining from commercial activities, maintaining consistency in activities and income nature, and filing income tax returns as per the specified section of the Income-tax Act.
* **Central Board of Direct Taxes:**
* Impact: Responsible for monitoring and ensuring compliance with the notification.
* Action Required: Implement and oversee the provisions of the notification.
Key Entities Referenced
Income-tax Act, 1961: A tax law in India, referenced as the basis for the powers exercised in the notification.
Central Government: The governing authority issuing the notification and constituting the Visakhapatnam Special Economic Zone Authority.
Visakhapatnam Special Economic Zone Authority: An authority constituted by the Central Government, and the main subject of the notification regarding income exemptions.
Ministry of Finance: The government ministry under which the Department of Revenue and Central Board of Direct Taxes operate.
Department of Revenue: A department within the Ministry of Finance.
Central Board of Direct Taxes: A board under the Department of Revenue issuing the notification.
New Delhi: The location where the notification was issued.
Mayapuri, New Delhi: Location of the Government of India Press
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((((कककक(cid:12)(cid:12)(cid:12)(cid:12)(cid:13)(cid:13)(cid:13)(cid:13)ीीीीयययय (cid:16)(cid:16)(cid:16)(cid:16)(cid:17)(cid:17)(cid:17)(cid:17)यययय(cid:18)(cid:18)(cid:18)(cid:18) ककककरररर बबबबोोोोडडडड))(cid:22)(cid:22)))(cid:22)(cid:22)
अअअअििििधधधधससससचचूूचचूू ननननाााा
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का (cid:18)योग करते (cid:29)ए, क(cid:31) सरकार एतद(cid:17)ारा उ(cid:22) ख$ड के (cid:18)योजनाथ (cid:12)‘िवशाखपटनम +पेशल इकोनोिमक जोन (cid:18)ािधकरण’ को
उस (cid:18)ािधकरण को होन ेवाली िन/िलिखत िविन0द(cid:12)1 आय के संबंध म (cid:31) क(cid:31) सरकार (cid:17)ारा ग5ठत एक (cid:18)ािधकरण अिधसिूचत
करती ह,ै नामत:
(क) प9ा (cid:4)कराया (लीज र(cid:31)ट) (िनधा5(cid:12) रत सरकारी दर के अनसु ार (cid:18)भा5रत);
(ख) पहचान प< तथा परिमट फ(cid:14)स से (cid:18)ाि>या;ं
(ग) मानक िडजाइन फै@ट5रय(cid:24) के बारे म (cid:31)आवंटन फ(cid:14)स;
(घ) उस Aलॉट/िबC(cid:6)डगं के बारे म (cid:31)नीलामी/बोली रािश जो खाली होती ह;ै
(ङ) Aलॉट/िबC(cid:6)डगं के बारे म (cid:31)अतं रण (cid:18)भार;
(च) िबC(cid:6)डगं योजनाD क(cid:14) छूट के िलए फाम-(cid:12) 1 के िनगम(cid:12) हते ुफ(cid:14)स;
(छ) िबC(cid:6)डगं योजनाD के अनमु ोदन, अनापि(cid:19) (cid:18)माण प< (एनओसी) F(cid:22) करन ेआ(cid:4)द के िलए (cid:18)सं+करण फ(cid:14)स;
(ज) सेवा (cid:18)दाताD से +थापना +थल (cid:18)योग (cid:18)भार;
(झ) +टाफ को +टाफ Gाट(cid:12)स (cid:12)के आवंटन हते ुलाइसस(cid:31) फ(cid:14)स;
(ञ) उपरो(cid:22) (क) स े(झ) पर अHज(cid:12)त Iयाज।
2. यह अिधसूचना उन शतK के अLयधीन (cid:18)भावी होगी (cid:4)क िवशाखपटनम +पेशल इकोनोिमक जोन (cid:18)ािधकरण-
(क) (cid:4)कसी भी वािणिMयक कायक(cid:12) लाप म(cid:31) शािमल नहN होगा;
1809 GI/2019 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
(ख) िविन0द1(cid:12) आय क(cid:14) गितिविधयां तथा (cid:18)कृित, परू े िव(cid:19) वष(cid:12) म (cid:31)अप5रवHतत(cid:12) रहग(cid:31) ी; तथा
(ग) आयकर अिधिनयम, 1961 क(cid:14) धारा 139 क(cid:14) उपधारा–4(ग) के खंड (छ) के (cid:18)ावधान के अनसु ार आय क(cid:14)
िववरणी दायर करेगा।
3. इस अिधसूचना को कर िनधा(cid:12)रण वष (cid:12) 2018-19 के िलए लागू होना माना जाएगा और कर िनधार(cid:12) ण वषK 2019-
2020, 2020-2021, 2021-2022 तथा 2022-2023 के बारे म(cid:31) लागू होगी।
[अिधसूचना सं. 25/2019/फा. स.ं300196/62/2018-आईटीए-I]
राजाराजेRरी आर., अवर सिचव
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 19th March, 2019
S.O. 1398(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,
‘Visakhapatnam Special Economic Zone Authority’, an authority constituted by the Central Government, in
respect of the following specified income arising to that authority, namely:—
(a) Lease Rent (charged as per Government prescribed rate);
(b) Receipts from I-Card and Permit fees;
(c) Allotment fee in respect of Standard Design Factories;
(d) Auction/bid amount in respect of Plots/Building which fall vacant;
(e) Transfer charges in respect of Plot/Building;
(f) Fee for Issue of Form-I for exemption of Building Plans;
(g) Processing fee for approval of Building Plans, conveying NOC’s etc.;
(h) Site usage charges from Service Providers;
(i) License fee for allotment of Staff Quarters to the Staff; and
(j) Interest earned on (a) to (i) above.
2. This notification shall be effective subject to the conditions that Visakhapatnam Special Economic
Zone Authority,-
(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 the assessment year 2018-2019, and shall
apply with respect to the assessment years 2019-2020, 2020-2021, 2021-2022 and 2022-2023.
[Notification No. 25 /2019/F. No. 300196/62/2018-ITA-I]
RAJARAJESWARI R., Under Secy.
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.