Executive Summary:
This notification, issued by the Central Board of Direct Taxes, notifies the Uttaranchal Board of Technical Education under Section 10(46) of the Income-tax Act, 1961. It specifies certain income categories for the board that are subject to this notification. The notification is effective retrospectively for the assessment year 2018-19 and applies to subsequent assessment years up to 2022-23.
Key Points / Main Content:
* **Notification Details:**
* Issued by: Central Board of Direct Taxes
* Notification No.: 66/2018
* Dated: October 8, 2018
* S.O. 5180(E)
* **Applicability:**
* Applies to: Uttaranchal Board of Technical Education
* Governing Act: Uttaranchal Board of Technical Education Act, 2003
* **Specified Income:**
* Grants/subsidies from Government/government bodies
* Fees, fines, and penalties collected as per the Uttaranchal Board of Technical Education Act, 2003
* Receipts from the sale of printed application forms and educational material
* Receipts from the disposal of assets and sale of scrap
* Rent received from let out of properties
* Royalty or license fees for providing technical knowledge and infrastructure
* Interest earned on the above incomes
* **Conditions for Effectiveness:**
* The Uttaranchal Board of Technical Education must not engage in any commercial activity.
* Activities and the nature of specified income must remain unchanged throughout the financial years.
* The board must file a return of income as per Section 139(4C)(g) of the Income-tax Act, 1961.
* **Assessment Years:**
* Deemed to have been applied for the assessment year 2018-19.
* Applies to assessment years 2019-20, 2020-21, 2021-22, and 2022-23.
Impact Analysis:
Uttaranchal Board of Technical Education
* Impact: The board's specified income categories are now notified under Section 10(46) of the Income-tax Act, 1961, subject to certain 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 per the specified provision.
Central Board of Direct Taxes
* Impact: Responsible for ensuring compliance with the conditions outlined in the notification.
Tax Authorities:
* Impact: Must recognize the notified status of the Uttaranchal Board of Technical Education's specified income when assessing income tax for the relevant assessment years.
* Action Required: Implement the notification during income tax assessments for the specified assessment years.
Key Entities Referenced
Income-tax Act, 1961: A law cited as the basis for the notification's authority. Section 10, clause 46 is specifically mentioned.
Central Government: The governing body issuing the notification.
Uttaranchal Board of Technical Education: A board constituted by the State Act that is the subject of the notification regarding income tax exemptions.
Uttaranchal Board of Technical Education Act, 2003: The State Act under which the Uttaranchal Board of Technical Education was constituted.
Ministry of Finance: The government ministry under which the Department of Revenue and Central Board of Direct Taxes operate.
Department of Revenue: A department of the Ministry of Finance.
Central Board of Direct Taxes: The issuing authority of the notification.
Vinay Sheel Gautam: The Under Secretary who signed the notification.
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3. यह अिधसूचना िनधार0 ण वष 0 2018-19 के िलए लाग ू समझी जाएगी और िनधार0 ण वष 0 2019-20,
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[अिधसूचना सं. 66 /2018 फा. सं. 300196/32/2018-आईटीए- I]
िवनय शील गौतम, अवर सिचव
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 8th October, 2018
S.O. 5180(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, ‘Uttaranchal Board of Technical
Education, a board constituted by the State Act Uttaranchal Board of Technical Education Act, 2003, in respect of the
following specified income arising to the said Board, namely:—
a) Grants/subsidies received from Government/government bodies;
b) Fees, Fines and Penalties collected as per the provisions of Uttaranchal Board of Technical Education Act,
2003;
c) Receipts from sale of printed application forms and educational Material;
d) Receipts from Disposal of assets and sale of Scrap;
e) Rent received from let out of properties;
f) Royalty or License Fees for providing technical knowledge and infrastructure;
g) Interest earned on (a) to (f) above.
2. This notification shall be effective subject to the conditions that Uttaranchal Board of Technical Education –
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 2018-19 and shall apply with
respect to the assessment years 2019-20, 2020-21, 2021-22 and 2022-23.
[Notification No. 66 /2018, F.No.300196/32/2018-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.