This notification, S.O. 5365(E), issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, notifies the Kozhikode District Sports Council, Kozhikode, as eligible for income tax exemption under clause (46) of Section 10 of the Income-tax Act, 1961. The exemption applies to the following specified income: grants from the Government and State Sports Council; rent collected from the stadium and shop rooms housed in Koyilandy stadium and VKK Mendon Indoor stadium; and interest earned on the aforementioned income sources.
The notification is subject to the conditions that the Kozhikode District Sports Council (a) does not engage in any commercial activity; (b) maintains unchanged activities and the nature of the specified income throughout the financial years; and (c) files income tax returns in accordance with clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.
This notification is deemed to have been applied retrospectively for the assessment years 2016-17, 2017-18, and 2018-19, and will apply prospectively to the assessment years 2019-20 and 2020-21.
The notification number is 68/2018, with file number F.No. 300196012016-ITA-I. The issuing authority is Vinay Sheel Gautam, Under Secretary. The notification was issued on October 22, 2018.
Key Entities Referenced
Income-tax Act, 1961: Indian legislation pertaining to income tax, referenced for the powers conferred to the Central Government.
Central Board of Direct Taxes: A department under the Ministry of Finance responsible for direct tax administration in India.
Ministry of Finance: The Indian government ministry responsible for financial matters.
Kozhikode District Sports Council, Kerala: A sports council located in Kozhikode district, Kerala, which is the subject of the notification regarding income tax exemption.
Kerala Sports Act, 2000: The state legislation under which the Kozhikode District Sports Council is constituted.
Central Government: The Union Government of India, which is issuing the notification.
New Delhi: The location where the notification was issued.
VKK Mendon Indoor stadium: One of the Stadiums from where rent is collected by the Kozhikode District Sports Council
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[अिधसूचना स.ं 68 /2018/ फा. सं. 300196/01/2016-आईटीए-I]
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 22nd October, 2018
S.O. 5365(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, ‘Kozhikode District Sports
Council, Kozhikode’, a body constituted under Section 9 of the Kerala Sports Act, 2000 (Act 2 of 2001), in respect of the
following specified income arising to that body, namely:—
(a) Grants from Government and State Sports Council;
(b) Rent Collected from Stadium and shop rooms housed in Koyilandy stadium and VKK Mendon Indoor
stadium;
(c) Interest earned on (a) & (b) above.
2. This notification shall be effective subject to the conditions that Kozhikode District Sports Council, Kozhikode—
(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 years 2016-17, 2017-18 and 2018-19 and
shall apply with respect to the assessment years 2019-20 and 2020-21
[Notification No. 68 /2018/ F.No. 300196/01/2016-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.