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**Report on Notification Regarding Income Tax Exemption for Mysore Palace Board**
**1. Executive Summary:**
This report analyzes a notification issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes (CBDT), granting income tax exemption under Section 10(46) of the Income-tax Act, 1961, to the Mysore Palace Board. The notification specifies the types of income exempted and outlines conditions for maintaining the exemption. The key finding is that the Mysore Palace Board will not be required to pay income tax on specific income streams provided they adhere to the stated conditions. The policy is retroactive for certain assessment years.
**2. Introduction:**
This report provides an informative overview of a notification issued by the Central Board of Direct Taxes (CBDT) regarding income tax exemption for the Mysore Palace Board. The analysis is based solely on the provided policy text.
**3. Policy Overview:**
* This is a *new* policy notification granting an exemption.
* **Core Objective(s):** The objective is to provide income tax exemption to the Mysore Palace Board on specified income as per Section 10(46) of the Income-tax Act, 1961. This exemption is intended to support the Board's activities.
**4. Background and Rationale:**
As this is a new policy granting an exemption, the likely problem/issue the policy addresses is the potential tax liability of the Mysore Palace Board on its income. By granting this exemption, the government aims to financially support the Board's activities related to the Mysore Palace.
**5. Key Provisions / Changes:**
* The notification specifies the income of the Mysore Palace Board that is exempt from income tax:
* Income from the Palace or proceeds from any property vested in the Board.
* All fees and charges levied by the Board under the Mysore Palace Acquisition and Transfer Act, 1998, forming part of the Board fund.
* Rent received from shops/stalls let out to Government Agencies.
* Interest earned on bank deposits.
* The notification imposes conditions for maintaining the exemption:
* The Mysore Palace Board shall not engage in any commercial activity.
* The activities and the nature of the specified income shall remain unchanged.
* The Board must file a return of income in accordance with Section 139(4C)(g) of the Income-tax Act, 1961.
* The notification is deemed to have been applied for assessment years 2024-25 to 2025-26 and shall be applicable for assessment years 2026-27 to 2028-29.
**6. Target Audience and Stakeholders:**
The primary target audience is the Mysore Palace Board. Stakeholders include the Ministry of Finance, the Central Board of Direct Taxes (CBDT), Government Agencies renting from the Mysore Palace Board, and potentially the public interested in the preservation and maintenance of the Mysore Palace.
**7. Implementation Aspects (Inferred):**
* **Responsible agency:** The Central Board of Direct Taxes (CBDT) is responsible for implementing the notification.
* **Timelines:** The notification specifies that it is effective retroactively for the assessment years 2024-25 to 2025-26 and prospectively for assessment years 2026-27 to 2028-29.
* **Procedures:** The Mysore Palace Board must file a return of income as per Section 139(4C)(g) of the Income-tax Act, 1961 to maintain the exemption.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcomes of this notification are:
* To financially support the Mysore Palace Board by exempting its specified income from taxation.
* To ensure that the Board's activities and income sources remain consistent.
* To encourage the Board to comply with income tax regulations by requiring the filing of returns.
**9. Conclusion:**
The notification grants income tax exemption to the Mysore Palace Board under specific conditions, providing financial support for the Board's operations and maintenance of the Mysore Palace. The exemption is retroactive for certain years and imposes requirements on the Board to maintain compliance. This policy helps the Mysore Palace Board in performing its functions.
Key Entities Referenced
202526: Financial year.
202728: Financial year.
202425: Financial year.
202627: Assessment year.
202829: Assessment year.
Incometax Act, 1961: Name of the Act mentioned in the policy document.
43 of 1961: Reference to the specific Act of 1961.
MINISTRY OF FINANCE: Name of the Government organization.
Department of Revenue: Name of the department within the Ministry of Finance.
CENTRAL BOARD OF DIRECT TAXES: Name of the central board under the Department of Revenue.
Mysore Palace Board: Name of the board being notified.
Mysore Palace Acquisition and Transfer Act, 1998: Name of the Act under which the Mysore Palace Board was established.
PAN: AAAGM0484M: PAN number of Mysore Palace Board
section 10: Reference to a specific section in the Incometax Act, 1961.
clause 46: Reference to a specific clause within section 10.
section 139: Reference to a specific section in the Incometax Act, 1961.
subsection 4C: Reference to a specific subsection within section 139.
clause g: Reference to a specific clause within subsection 4C.
202425: Assessment year.
202526: Assessment year.
202324: Financial year.
S.O. 1850E: Notification number.
Notification No. 392025: Notification number.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-24042025-262657
CG-DxLx-xEG-I2D4H0x4x2x0 25-262657
xxxGIDExxx
असाधारण
EXTRAORDINARY
भाग II—खण् ड 3—उप-खण्ड (ii)
PART II—Section 3—Sub-section (ii)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 1817] नई दिल्ली, बृहस्ट्प जतिार, अप्रलै 24, 2025/ििै ाख 4, 1947
No. 1817] NEW DELHI, THURSDAY, APRIL 24, 2025/VAISAKHA 4, 1947
जित्त मत्रं ालय
(रािस्ट्ि जिभाग)
(केन्द्रीय प्रत्यक्ष कर बोडड)
अजधसचू ना
नई दिल्ली, 24 अप्रलै , 2025
का.आ. 1850(अ).— आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खंड (46) द्वारा प्रित्त िजियों
का प्रयोग करते हुए, केंरीय सरकार उि खडं के प्रयोिनार्ड, ‘मसै ूर पलै ेस बोडड’ (PAN: AAAGM0484M), िो मैसरू पैलेस
(अिडन और अतं रण) अजधजनयम, 1998 के तहत स्ट्र्ाजपत एक बोडड ह,ै को उि बोडड स े उद्भूत होने िाली जनम्नजलजखत
जिजनर्िडष्ट आय के संबंध म ें अजधसूजचत करती ह,ै अर्ाडत:्
(क) पैलेस से आय या बोडड म ेंजनजहत दकसी भी संपजत्त स े आय;
(ख) मैसूर पलै ेस (अिडन और अंतरण) अजधजनयम, 1998 के तहत बोडड द्वारा लगाए गए सभी िल्ु क और प्रभार
िो बोडड जनजध का जहस्ट्सा बनते ह;ैं
(ग) सरकारी एिेंजसयों को दकराये पर िी गई िकु ानों/स्ट्टॉलों से प्राप्त दकराया; और
(घ) बैंक िमा पर अर्िडत ब्याि।
2721 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
2. यह अजधसूचना जनम्न ितों के अध्यधीन प्रभािी होगी दक मैसूर पलै ेस बोडड –
(क) दकसी िाजणजययक कायडकलाप में िाजमल नहीं होगा;
(ख) कायडकलापों और जिजनर्िडष्ट आय की प्रकृजत परू े जित्तीय िर्षों के िौरान अपररिर्तडत रहगे ी; और
(ग) आयकर अजधजनयम, 1961 की धारा 139 की उप-धारा (4ग) के खंड (छ) के उपबंध के अनुसार आय की
जििरणी फाइल करेगा।
3. यह अजधसूचना कर जनधाडरण िर्षड 2024-25 से 2025-26 के जलए लागू मानी िाएगी और जित्तीय िर्षड 2023-24
से 2024-25 के जलए संगत होगी तर्ा कर जनधाडरण िर्षड 2026-27 स े2028-29 के जलए लागू होगी और जित्तीय िर्षड 2025-
26 स े 2027-28 के जलए सगं त होगी।
[अजधसूचना संख्या 39/2025/फा. स.ं 300196/94/2024-आईटीए-I]
अश् िनी कुमार, अिर सजचि
स्ट्पष्टीकरण ज्ञापन
यह प्रमाजणत दकया िाता ह ै दक इस अजधसूचना को भूतलक्षी प्रभाि िेने से दकसी भी व्यजत पर प्रजतकूल प्रभाि नहीं पड़
रहा ह।ै
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 24th April, 2025
S.O. 1850(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, ‘Mysore Palace Board’
(PAN: AAAGM0484M), a Board established under the Mysore Palace (Acquisition and Transfer) Act, 1998 in respect
of the following specified income arising to the said Board, namely:
(a) Income from Palace or proceeds of any property vested in the Board;
(b) All fees and charges levied by the Board under the Mysore Palace (Acquisition and Transfer) Act,
1998 and forming part of the Board fund;
(c) Rent received from the shops/stalls let out to Government Agencies; and
(d) Interest earned on bank deposits.
2. This notification shall be effective subject to the conditions that Mysore Palace 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; 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.[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 3
3. This notification shall be deemed to have been applied for assessment years 2024-25 to 2025-26 relevant for
the financial years 2023-24 to 2024-25 and shall be applicable for assessment years 2026-27 to 2028-29 relevant for the
financial years 2025-26 to 2027-28.
[Notification No. 39/2025/F. No. 300196/94/2024-ITA-I]
ASHWANI KUMAR, 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.