Executive Summary:
This notification, issued by the Central Board of Direct Taxes, grants an exemption under Section 10(46) of the Income-tax Act, 1961 to the Hyderabad Metropolitan Water Supply and Sewerage Board concerning specific incomes. This applies retrospectively from the assessment year 2017-2018 and is valid for the assessment years 2019-2020, 2020-2021 and 2021-2022. The notification outlines conditions for maintaining this exemption, including restrictions on commercial activity and the filing of income tax returns.
Key Points / Main Content:
* **Exemption Granted:**
* The Hyderabad Metropolitan Water Supply and Sewerage Board is notified for exemption under Section 10(46) of the Income-tax Act, 1961.
* **Specified Incomes:**
* The exemption applies to the following incomes:
* Grants from the state government
* Water Cess
* Sewerage Cess
* Receipts from new connection, reconnection, and disconnection charges
* Interest and penalty on delayed water cess payments
* Receipts from water supply via tankers
* Income from the sale of tender forms
* Centage income
* Rental income from buildings and hoardings
* Interest on consumption deposits with power companies
* Interest on fixed deposits with banks
* **Conditions for Exemption:**
* The Board shall not engage in any commercial activity.
* The activities and the nature of specified income shall remain unchanged throughout the financial years.
* The Board must file income tax returns as per Section 139(4C)(g) of the Income-tax Act, 1961.
* **Applicability:**
* The notification is deemed to have applied for the assessment years 2017-2018 and 2018-2019.
* It also applies to the assessment years 2019-2020, 2020-2021 and 2021-2022.
Impact Analysis:
Hyderabad Metropolitan Water Supply and Sewerage Board
* Impact: Benefits from income tax exemptions on specified incomes, provided conditions are met.
* Action Required: Ensure compliance with conditions, including refraining from commercial activities, maintaining consistent income streams, and filing required income tax returns.
Central Board of Direct Taxes
* Impact: Responsible for implementing and overseeing the exemption.
* Action Required: Ensure the Hyderabad Metropolitan Water Supply and Sewerage Board complies with the conditions outlined in the notification.
Key Entities Referenced
Income-tax Act, 1961: A law related to income tax in India, mentioned in the context of provisions and sections.
Central Government: The government of India, which is issuing the notification.
Hyderabad Metropolitan Water Supply and Sewerage Board: A board constituted by the Government of Andhra Pradesh, the subject of the notification.
Hyderabad, Telangana: The city where the Hyderabad Metropolitan Water Supply and Sewerage Board is located.
Government of Andhra Pradesh: The state government that constituted the Hyderabad Metropolitan Water Supply and Sewerage Board.
Ministry of Finance: The ministry under which the Department of Revenue and Central Board of Direct Taxes operate.
Department of Revenue: A department under the Ministry of Finance.
Central Board of Direct Taxes: A department under the Ministry of Finance, issuing the notification.
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EXTRAORDINARY
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PART II—Section 3—Sub-section (ii)
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No. 3990] NEW DELHI, MONDAY, OCTOBER 8, 2018/ASVINA 16, 1940
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5895 GI/2018 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
2. यह अिधसूचना इन शतJ के अHयधीन (cid:19)भावी होगी (cid:4)क ‘‘हदै राबाद महानगर जल आपू+त, और सीवरेज बोड,,-
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3. यह अिधसूचना िनधा,रण वष, 2017-2018 और 2018-2019 के िलए लागू समझी जाएगी और िनधा,रण वष, 2019-2020,
2020-2021 और 2021-2022 के िलए लागू होगी।
[अिधसूचना सं. 61 /2018, फा. सं. 300196/58/2018-आईटीए-I]
िवनय शील गौतम, अवर सिचव
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(cid:19)भािवत नहU होगा।
MINISTRY OF FINANCE
(Department of Revenue)
(Central Board of Direct Taxes)
NOTIFICATION
New Delhi, the 8th October, 2018
S.O. 5175(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, “Hyderabad Metropolitan Water
Supply and Sewerage Board”, Hyderabad, a board constituted by Government of Andhra Pradesh in respect of the
following specified incomes arising to that board, namely.—
(a) Grants received from state government;
(b) Water Cess;
(c) Sewerage Cess;
(d) Receipts from New connection charges, reconnection charges and disconnection charges;
(e) Interest and penalty on delayed payment of water cess;
(f) Receipts from supply of water via tankers;
(g) Income through sale of tender forms;
(h) Centage income;
(i) Rental income from renting of buildings and hoardings;
(j) Interest on consumption deposits with power companies, and
(k) Interest on fixed deposits with banks.
2. This notification shall be effective subject to the conditions that Hyderabad Metropolitan Water Supply and
Sewerage Board -
a) shall not engage in any commercial activity;
b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and¹ Hkkx IIµ[k.M 3(ii)º Hkkjr dk jkti=k % vlk/kj.k 3
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 2017-2018 and 2018-19 and shall
apply with respect to the assessment years 2019-20, 2020-21 and 2021-22.
[Notification No. 61/2018, F.No.300196/58/2018-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.